Author Info for Paul Hastings LLP

Leslie Abbott

California Legislature Steps in to Rewrite PAGA, Avoiding Ballot Measure

California lawmakers released their proposed amendments to California’s Private Attorneys General Act (“PAGA”) in two companion bills: SB 92 and AB 2279. The legislature must vote on the bills by June 27. While the legislature… more

Ballot Measures, Cal Code of Civil Procedure, California, Labor & Workforce Development Agency (LWDA), Labor Code

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George Abele

Viking Victory: Supreme Court Holds PAGA Cannot Circumvent Arbitration Agreement

In the latest chapter regarding arbitration agreement enforcement, the U.S Supreme Court has rejected California’s rule precluding arbitration of California Labor Code Private Attorneys General Act (“PAGA”) claims… more

Arbitration, Arbitration Agreements, Class Action, Class Action Arbitration Waivers, Federal Arbitration Act

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Matthew Savage Aibel

NYC Employers Required to Post and Provide the City’s Workers’ Bill of Rights

In December 2023, New York City’s Mayor signed into law a new section of the New York City Administrative Code (Local Law 161, §32-102) that requires the Department of Consumer and Worker Protection (DCWP), in conjunction with… more

City of New York, Employee Rights, Local Ordinance, Posting Requirements

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Stuart Alford KC

New DOJ FCPA Guidelines Target Cases Linked to US Strategic Interests

On June 9, U.S. Deputy Attorney General Todd Blanche issued a memorandum entitled “Guidelines for Investigations and Enforcement of the Foreign Corrupt Practices Act (FCPA),” which establishes guidelines to ensure that FCPA… more

Anti-Corruption, Bribery, Cartels, Corruption, Criminal Prosecution

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Julian Alsarhn

FTC Proposed Ban on Non-Competes Includes M&A Exception Comparable to California Law

On January 5, 2023, the Federal Trade Commission (“FTC”) announced a proposed regulation (the “Proposed Rule”) that would ban non-compete agreements imposed against workers by employers. The Proposed Rule includes a narrow… more

Employment Contract, Exceptions, Federal Trade Commission (FTC), Non-Compete Agreements, NPRM

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David Ambler

SEC Staff Extends Accommodations to File Confidential Draft Registration Statements: A Small Gift for Certain Issuers Under Certain Circumstances

On March 3, 2025, the Staff of the SEC Division of Corporation Finance expanded the categories of issuer that may submit draft registration statements confidentially for review by the SEC, effective immediately. Confidential… more

Capital Markets, Disclosure Requirements, Initial Public Offering (IPO), Publicly-Traded Companies, Registration Statement

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Milica Antic

Outbound Investments: European Commission Calls for Review

On January 15, 2025, the European Commission (EC) issued a non-binding recommendation “calling on EU Member States to review outbound investments” in certain strategic sectors. The primary goal of the recommendation is to… more

Acquisitions, Artificial Intelligence, EU, European Commission, Foreign Investment

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Erica Appelman

SEC Withdraws 14 Pending Rule Proposals

On June 12, the Securities and Exchange Commission (SEC) formally withdrew 14 proposed rules for investment advisers, broker-dealers and public companies, many of which had been pending for several years. Should the SEC decide… more

Broker-Dealer, Cybersecurity, Disclosure Requirements, Environmental Social & Governance (ESG), Financial Services Industry

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Toshiyuki Arai

Japanese Supreme Court Rules on Regulations Against Unverified Claims in Advertising - The Validity of Regulatory Design Affirmed (Legal Landscape, Constitutionality and Review Standard)

How unverified claims in advertising can be regulated is a developing legal issue in Japan. What makes this issue complicated is its bearing on the freedom of speech. Depending on how one feels about the degree to which the… more

Advertising, Covered Transactions, Evidence, Free Speech, Japan

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Ellen Atkinson

Federal Court Strikes Down FTC’s Non-Compete Ban

On August 20, 2024, the Northern District of Texas issued its final ruling in Ryan, LLC. v. FTC on the merits of cross-motions for summary judgment, contesting the legality of the Federal Trade Commission’s (“FTC”) Non‑Compete… more

Administrative Procedure Act, Employment Contract, Federal Bans, Federal Trade Commission (FTC), Injunctions

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David Avila

New Executive Actions Potentially Impact Renewable Energy Projects

Among the wave of executive actions issued upon President Trump taking office again, some executive orders and memorandums may affect portions of the burgeoning renewable energy sector. The renewable energy sector has been… more

Appropriation, Department of Energy (DOE), Energy Policy, Energy Sector, Environmental Protection Agency (EPA)

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Peter Axelrod

New DOJ FCPA Guidelines Target Cases Linked to US Strategic Interests

On June 9, U.S. Deputy Attorney General Todd Blanche issued a memorandum entitled “Guidelines for Investigations and Enforcement of the Foreign Corrupt Practices Act (FCPA),” which establishes guidelines to ensure that FCPA… more

Anti-Corruption, Bribery, Cartels, Corruption, Criminal Prosecution

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Thomas Ayres

Brazil’s Accession to the OECD – This is where the serious things begin

In June 2022, Brazil hosted a set of meetings between Latin American and OECD countries, during which economic policies, education, and productivity matters were discussed… more

Anti-Bribery, Anti-Corruption, Brazil, Economic Development, Environmental Social & Governance (ESG)

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Andrey Babenkov

SEC Provides Updated Guidance Reducing Burden for Rule 506(c) Verification Requirement

On March 12, 2025, the Staff of the SEC Division of Corporation Finance (the Staff) provided guidance in response to a letter requesting interpretive guidance (the No-Action Letter) to clarify the verification requirement of… more

Capital Markets, CD&I, Compliance, Investment Funds, Investors

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Elena Baca

What Employers Need to Know about the SCOTUS Affirmative Action Decision

Federal law governing affirmative action and non-discrimination in employment is unaffected by the Supreme Court’s highly publicized affirmative action decision published June 29, 2023. Still, the decision is sure to intensify… more

Affirmative Action, Civil Rights Act, College Admissions, Diversity, Employer Liability Issues

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James Baillie

Key implications of the European Commission Report on the EU Securitisation Regulation for European CLO managers and investors

A new European Commission report on the functioning of the EU Securitisation Regulation addresses key uncertainties in existing interpretations of the EU Securitisation Regulation in the European CLO market. Some of the European… more

Disclosure Requirements, Environmental Social & Governance (ESG), European Banking Authority (EBA), European Commission, European Securities and Markets Authority (ESMA)

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Allyson Baker

Recent Investigations by the Texas Attorney General Piggyback on Federal ‘Make America Healthy Again’ Initiatives

Texas Attorney General Ken Paxton recently announced that his office is investigating some of the country’s most ubiquitous home brands — including Colgate-Palmolive, Proctor & Gamble, and General Mills — for allegedly… more

Civil Investigation Demand, Consumer Protection Laws, Department of Health and Human Services (HHS), Enforcement Actions, False Advertising

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Jennifer Baldocchi

Recent Developments Affecting Non-Competes and Employee Mobility

Employers take note: a series of recent developments could impact the way that companies across the country handle non-competition restrictions and retention rules. First, recent developments in the legal challenges to the FTC’s… more

Employer Liability Issues, Federal Trade Commission (FTC), NLRA, NLRB, Non-Compete Agreements

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Chetan Bansal

Federal Circuit Clarifies the Scope of IPR Estoppel

The Federal Circuit recently clarified the scope of statutory estoppel that applies in District Court after the PTAB issues a final written decision in a related inter partes review (IPR). Ingenico Inc. v. IOENGINE, LLC, No… more

§315(e), Appeals, Appellate Courts, Inter Partes Review (IPR) Proceeding, Obviousness

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Ann Beasley

Compliance as the Catalyst: ESG in Life Sciences

Like many companies in other sectors, Life Sciences companies recognize that corporate social responsibility (CSR)–evaluated and measured by independent rating organizations and based on their compliance with any applicable… more

Bribery, Chief Compliance Officers, Compliance, Corporate Social Responsibility, Corruption

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Katherine Bell

SVB Receivership – Considerations for Agents and Lenders

Background- On March 10, 2023, the California Department of Financial Protection and Innovation closed Silicon Valley Bank (SVB) and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for SVB… more

Agents, Bank Deposits, Banks, Board of Governors, Borrowers

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Olga Belosludova

With Japan's Ratification, the Singapore Mediation Convention Gains International Momentum

On October 1, 2023, Japan became the twelfth nation to ratify the United Nations Convention on International Settlement Agreements Resulting from Mediation (the “Singapore Convention”). Pursuant to Japanese domestic legislation,… more

International Arbitration, International Litigation, Japan, Mediation, Ratification

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Jeremy Berkowitz

NYDFS Urges Covered Entities to Review Security Practices Amidst World Turmoil

Citing “escalating global conflict,” the New York Department of Financial Services issued an alert on Monday, June 22, 2025, to its regulated covered entities, urging them to be vigilant against potential security threats,… more

Covered Entities, Cyber Attacks, Cybersecurity, Data Security, Financial Services Industry

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Marc Bernstein

Supreme Court Rejects ‘Background Circumstances’ Rule for Title VII Claims Brought by Members of Majority Groups

On June 5, the Supreme Court decided Ames v. Ohio Department of Youth Services, holding unanimously that members of majority groups suing their employers under Title VII of the Civil Rights Act of 1964 (Title VII) are not… more

Ames v Ohio Department of Youth Services, Department of Justice (DOJ), Employment Discrimination, Employment Litigation, Equal Employment Opportunity Commission (EEOC)

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Blake Bertagna

OFCCP Enforcement Action Against Federal Contractor Enjoined by U.S. District Court

Last week, the United States District Court for the Southern District of Texas entered a preliminary injunction barring the U.S. Department of Labor (DOL) from pursuing an enforcement action against a federal contractor, ABM… more

Administrative Law Judge (ALJ), Department of Labor (DOL), Discrimination, Enforcement Actions, Federal Contractors

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Chloe Berthier

Addressing Gaps and Inconsistencies in the EU Sanctions’ Enforcement: The Commission Urges Member States to Transpose Directive (EU) 2024/1226

Since Russia’s invasion of Ukraine in February 2022, the European Union has adopted 18 packages of sanctions targeting Russia and Belarus, with the latest on July 19, 2025. In total, the EU has about 40 different sanctions… more

Belarus, Criminal Prosecution, Cross-Border Transactions, Economic Sanctions, Enforcement

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Raymond Bertrand

California Legislature Steps in to Rewrite PAGA, Avoiding Ballot Measure

California lawmakers released their proposed amendments to California’s Private Attorneys General Act (“PAGA”) in two companion bills: SB 92 and AB 2279. The legislature must vote on the bills by June 27. While the legislature… more

Ballot Measures, Cal Code of Civil Procedure, California, Labor & Workforce Development Agency (LWDA), Labor Code

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Sarah Besnoff

What Employers Need to Know about the SCOTUS Affirmative Action Decision

Federal law governing affirmative action and non-discrimination in employment is unaffected by the Supreme Court’s highly publicized affirmative action decision published June 29, 2023. Still, the decision is sure to intensify… more

Affirmative Action, Civil Rights Act, College Admissions, Diversity, Employer Liability Issues

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Tom Best

Criminal Division White Collar Enforcement Plan: Turning the Page, Not Writing a New Book

On May 12, the Head of the U.S. Department of Justice (DOJ) Criminal Division, Matthew Galeotti, delivered remarks at the Securities Industry and Financial Markets Association’s Anti-Money Laundering and Financial Crimes… more

Anti-Money Laundering, Corporate Crimes, Corporate Governance, Corporate Misconduct, Criminal Prosecution

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John Edward Binkley

Key Takeaways from the National Cybersecurity Strategy

On March 3, 2023, the White House released the National Cybersecurity Strategy. The White House described this as the blueprint for a long-term effort by the Biden administration in cooperation with Congress and the private… more

Corporate Counsel, Corporate Liability, Critical Infrastructure Sectors, Cybersecurity, Federal Contractors

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Donna Bobbish

FERC Issues Landmark Transmission Planning Order

On May 13, 2024, the Federal Energy Regulatory Commission (FERC) issued Order No. 1920, its long‑awaited transmission planning and cost allocation final rule (Transmission Order) regarding proposed reforms to the regional… more

Cost Allocation, Energy Sector, FERC, Notice of Proposed Rulemaking (NOPR), OATT

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Josh Boehm

White House Issues Digital Asset Report, SEC Chair Declares Most Crypto Assets Are Not Securities and CFTC Advances Spot Market Push

Last week, the White House released a landmark report on digital financial technology, signaling a coordinated federal push to modernize crypto regulation. The report, issued by the President’s Working Group on Digital Assets,… more

Anti-Money Laundering, Blockchain, CFTC, Cryptoassets, Cryptocurrency

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Brad Bondi

CFTC Advisory on Self-Reporting, Cooperation and Remediation: A Game-Changer for the Industry

This week, the CFTC released an Enforcement Advisory setting forth concrete guidelines for self-reporting, cooperation and remediation that will reshape how market participants report and defend potential violations… more

CFTC, Department of Justice (DOJ), Enforcement Actions, Financial Regulatory Reform, Penalties

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Nicola Bonucci

Multi-Stakeholder Initiatives and Mandatory Due Diligence

While it might seem counterintuitive, as business and human rights continues a sprint toward a mandatory paradigm, voluntary multi-stakeholder initiatives (“MSIs”) are perhaps more important than ever before. MSIs provide… more

Corporate Governance, Due Diligence, EU, Human Rights, Shareholders

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Brandon Bortner

SEC Staff Extends Accommodations to File Confidential Draft Registration Statements: A Small Gift for Certain Issuers Under Certain Circumstances

On March 3, 2025, the Staff of the SEC Division of Corporation Finance expanded the categories of issuer that may submit draft registration statements confidentially for review by the SEC, effective immediately. Confidential… more

Capital Markets, Disclosure Requirements, Initial Public Offering (IPO), Publicly-Traded Companies, Registration Statement

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Meredith Boylan

The CFPB Survives: Our Take on the Supreme Court Decision

On May 16, 2024, the United States Supreme Court, in a 7-2 opinion authored by Justice Clarence Thomas, upheld the constitutionality of the funding mechanism of the Consumer Financial Protection Bureau (“CFPB” or “Bureau”). In… more

Appropriation, Constitutional Challenges, Consumer Financial Products, Consumer Financial Protection Bureau (CFPB), Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd

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William Brady

Market Intersection: A Quarterly Look at the U.S. Credit Markets 1Q23

General market unease in the first fiscal quarter of 2023 was evident. The back-to-back collapse of two regional banks spooked investors and the effects of two federal rate increases rippled through the market. Uncertainty in… more

Banks, Bond Markets, Borrowers, Financial Institutions, Investment

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Elizabeth Brann

Federal Circuit Clarifies the Scope of IPR Estoppel

The Federal Circuit recently clarified the scope of statutory estoppel that applies in District Court after the PTAB issues a final written decision in a related inter partes review (IPR). Ingenico Inc. v. IOENGINE, LLC, No… more

§315(e), Appeals, Appellate Courts, Inter Partes Review (IPR) Proceeding, Obviousness

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Christopher Brewer

Safe Harbor in the Coming Enforcement Storm? DOJ Announces New M&A Policy to Encourage Compliance

On October 4, 2023, Deputy Attorney General Lisa Monaco (the “DAG”) announced a new Mergers & Acquisitions (“M&A”) Safe Harbor Policy issued by the Department of Justice (“DOJ”) as part of her comments detailing increased… more

Anti-Corruption, Antitrust Division, Compliance, Corporate Governance, Corporate Misconduct

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Barry Brooks

FTC Proposed Ban on Non-Competes Includes M&A Exception Comparable to California Law

On January 5, 2023, the Federal Trade Commission (“FTC”) announced a proposed regulation (the “Proposed Rule”) that would ban non-compete agreements imposed against workers by employers. The Proposed Rule includes a narrow… more

Employment Contract, Exceptions, Federal Trade Commission (FTC), Non-Compete Agreements, NPRM

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Jason Brooks

Closing in on Security-Based Swaps – SEC Finalizes Antifraud Rules

On June 7, 2023, the Securities and Exchange Commission adopted final rule 9j-1 (“Rule 9j-1”)1 under the Securities Exchange Act of 1934 (the “Act”). Rule 9j-1 is designed to prevent fraud, manipulation, and deception in… more

10b5-1 Plans, CDS, Chief Compliance Officers, Fraud, Price Manipulation

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Kevin Broughel

The Supreme Court Clarifies Who May Sue Under Section 11 of the Securities Act

On June 1, 2023, the Supreme Court issued a unanimous decision in Slack Technologies, LLC v. Pirani, holding that a plaintiff asserting a claim under Section 11 of the Securities Act of 1933 (the “Securities Act”) must plead and… more

Initial Public Offering (IPO), SCOTUS, Section 11, Securities Act of 1933, Securities and Exchange Commission (SEC)

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Doug Brown

Regulating Proxy Advisors: Court Rules Advice Is Not a ‘Solicitation’ and Texas Enacts Its Own Law

On July 1, 2025, the U.S. Court of Appeals for the District of Columbia Circuit ended more than five years of uncertainty and confusion by ruling that proxy voting advice issued by proxy advisors is not a “solicitation” under… more

Appellate Courts, Corporate Governance, Disclosure Requirements, Diversity and Inclusion Standards (D&I), Environmental Social & Governance (ESG)

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Oliver Browne

The Arbitration Act 2025: Refinement Not Revolution

On 24 February 2025, the Arbitration Act 2025 (the 2025 Act) received Royal Assent. The exact date on which it will come into force is yet to be confirmed, though the U.K. government has stated that it will seek to do so as soon… more

Arbitration, Arbitration Agreements, Arbitration Awards, Arbitrators, Dispute Resolution

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Steven Bryan

H1 2022 Energy and Infrastructure Round-up

Welcome to our H1 2022 Energy and Infrastructure Round-up. Here we share our assessment of key legal and transactional developments in the energy and infrastructure market including: •Market Activity- •Market Commentary-… more

BEIS, Divestiture, Energy Sector, Environmental Social & Governance (ESG), European Commission

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John Budetti

The Fifth Circuit Vacates the SEC’s Private Fund Rules - Stay Current June 2024

On June 5, 2024, the U.S. Court of Appeals for the Fifth Circuit vacated—in their entirety—the controversial private fund reforms adopted by the Securities and Exchange Commission (the “SEC”) in August 2023 (collectively, the… more

Fund Managers, Investment Advisers Act of 1940, Private Funds, Securities and Exchange Commission (SEC), Trade Associations

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Konstantin Burkov

MiCA – ESMA’s Mandates for Crypto Market Abuse, Suitability and Crypto Transfer Services

Crypto-asset firms are increasingly focused on the impact of MiCA on their businesses both from the perspective of high-level strategy and in relation to changes to their day-to-day compliance arrangements. MiCA represents a… more

Consultation Papers, Cryptoassets, Cryptocurrency, EU, European Securities and Markets Authority (ESMA)

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Will Burns

SEC Adopts Long-Awaited SPAC Rules

On January 24, 2024, nearly two years after the SEC initially proposed industry-chilling rules overhauling the treatment of special purpose acquisition companies (“SPACs”) in their IPOs and de-SPAC transactions, the SEC adopted… more

Conflicts of Interest, Corporate Counsel, Dilution, Final Rules, Financial Statements

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Mason Busbee

Federal Contractors With DEI Policies at Increased Risk of False Claims Act Liability

President Donald Trump has signed more than 60 executive orders since taking office, including Executive Order 14173, titled “Ending Illegal Discrimination and Restoring Merit-Based Opportunity” (EO 14173 or the Executive… more

Anti-Discrimination Policies, Compliance, Department of Justice (DOJ), Diversity and Inclusion Standards (D&I), Employment Discrimination

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Holly Campbell

White House Issues Digital Asset Report, SEC Chair Declares Most Crypto Assets Are Not Securities and CFTC Advances Spot Market Push

Last week, the White House released a landmark report on digital financial technology, signaling a coordinated federal push to modernize crypto regulation. The report, issued by the President’s Working Group on Digital Assets,… more

Anti-Money Laundering, Blockchain, CFTC, Cryptoassets, Cryptocurrency

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Stephanie Cannuli

Ch…Ch…Ch…Changes for Reviewing Bank Mergers Adopted

On September 17, 2024, the Federal Deposit Insurance Corporation (“FDIC”) and the Office of the Comptroller of the Currency (“OCC”) issued final “statements of policy” for transactions subject to the Bank Merger Act (“BMA”). On… more

Bank Merger Act, Banks, Competition, Department of Justice (DOJ), Depository Institutions

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Mark Carper

From General Discretion to Agency Authority? FDA’s Bold Bid to Regulate Laboratory Developed Tests

After years of FDA discussion and failed congressional efforts to assert greater oversight of laboratory developed tests (LDTs), FDA has proposed a rule that would require many LDTs to comply with FDA’s requirements for in vitro… more

CLIA, Clinical Laboratories, Diagnostic Tests, Food and Drug Administration (FDA), Laboratory Developed Tests

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Chris Carr

California Pushes ‘Abundance’ Agenda With Major CEQA Reforms for Housing and Select Infrastructure

On June 30, California Governor Gavin Newsom signed two budget trailer bills that deliver the most significant and sweeping reform of the California Environmental Quality Act (CEQA) in the 55-year history of this far-reaching… more

Affordable Housing, California, CEQA Reform, Environmental Litigation, Housing Developers

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Erin Cass

The CFPB Survives: Our Take on the Supreme Court Decision

On May 16, 2024, the United States Supreme Court, in a 7-2 opinion authored by Justice Clarence Thomas, upheld the constitutionality of the funding mechanism of the Consumer Financial Protection Bureau (“CFPB” or “Bureau”). In… more

Appropriation, Constitutional Challenges, Consumer Financial Products, Consumer Financial Protection Bureau (CFPB), Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd

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Deisy Castro

The End of California’s Anti-Arbitration Statute: Ninth Circuit Holds AB 51 is Preempted by the FAA

Bringing an end to the saga of California’s Assembly Bill 51, the Ninth Circuit Court of Appeals in Chamber of Commerce v. Bonta has held, in a 2-1 decision, that the Federal Arbitration Act preempts California’s… more

Arbitration, Arbitration Agreements, California, Federal Arbitration Act, FEHA

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Christine Cedar

California Legislature Votes to Dramatically Expand Pay Transparency and Reporting Requirements

On August 30, 2022, the California Legislature passed SB 1162, which expands pay transparency and reporting requirements for employers doing business in California. If signed by Governor Gavin Newsom, the bill will amend Section… more

California, Disclosure Requirements, Governor Newsom, Pay Transparency, Reporting Requirements

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Chris Centrich

SEC Provides Updated Guidance Reducing Burden for Rule 506(c) Verification Requirement

On March 12, 2025, the Staff of the SEC Division of Corporation Finance (the Staff) provided guidance in response to a letter requesting interpretive guidance (the No-Action Letter) to clarify the verification requirement of… more

Capital Markets, CD&I, Compliance, Investment Funds, Investors

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Alex Chan

The Fixed/Floating Distinction: Either Fixing a Fixed Charge or Seeing that the Floating Charge Floats, Not in Between

A lender’s decision between taking a fixed charge and taking a floating charge requires it to weigh a multitude of pros and cons. A fixed charge ranks ahead of an earlier floating charge that has not crystallized when the fixed… more

Asset Management, Charging Orders, Collateral, Debt, Financial Institutions

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Seth Chandler

SVB Receivership – Considerations for Agents and Lenders

Background- On March 10, 2023, the California Department of Financial Protection and Innovation closed Silicon Valley Bank (SVB) and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for SVB… more

Agents, Bank Deposits, Banks, Board of Governors, Borrowers

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Aaron Charfoos

ICO Annual Report Provides Insight Into Data Protection Risks for Businesses

The UK Information Commissioner’s Office’s (the ICO’s) latest Annual Report summarises its accomplishments and priorities, including last year’s enforcement actions. Based on our review of the report, we see the ICO focusing, or… more

Artificial Intelligence, Biometric Information, Compliance, Corporate Counsel, Cybersecurity

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Esther Chiang

Investment Funds & Private Capital Market Insights: SEC Adopts Scaled-Back Version of Private Fund Rules (Part 2 of 2)

Part 2 of the Paul Hastings’ Investment Funds and Private Capital team’s review of the new Private Fund Rules explores the new rules in-depth, and provides additional perspective on market practices that may evolve in response… more

Audits, Competition, Documentation, Exempt Reporting Advisers (ERAs), Grandfathering Rules

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Hernan Chiriboga

Chile Energy Bill Provokes Regulatory Risks for Investment in Renewables Sector

The Chilean Congress is currently considering a legislative proposal introduced by the Chilean Government aimed at subsidizing electricity costs for approximately 4.7 million households. The proposed bill introduces a temporary… more

Chile, Corrective Action Plans (CAPs), Electricity Costs, Energy Charter Treaty, Energy Projects

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Daye Cho

Pecuniary vs. Nonpecuniary Factors: Understanding the Potential Scope of Anti-ESG Restrictions in U.S. State Laws

Executive Summary and Overview- State anti-ESG lawmakers have enacted legislation aimed at restricting investors from considering ESG factors in their investment strategies and decisions by requiring state financial… more

Climate Change, Corporate Governance, Department of Labor (DOL), Employee Retirement Income Security Act (ERISA), Environmental Social & Governance (ESG)

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Sung Ho (Danny) Choi

SVB Receivership – Considerations for Agents and Lenders

Background- On March 10, 2023, the California Department of Financial Protection and Innovation closed Silicon Valley Bank (SVB) and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for SVB… more

Agents, Bank Deposits, Banks, Board of Governors, Borrowers

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Josh Christensen

DOJ’s M&A Safe Harbor Highlights Importance of Post-Close Due Diligence and Integration

On June 16, the U.S. Department of Justice’s (DOJ’s or Department’s) National Security Division (NSD or Division) announced they had declined to prosecute the private equity firm White Deer Management LLC for violations of U.S… more

Acquisitions, Compliance, Corporate Misconduct, Department of Justice (DOJ), Due Diligence

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Christopher Christopher Cho

New California Regulations on Employers' Use of AI to Make Decisions Go Into Effect Oct. 1, 2025

Earlier this year, the California’s Civil Rights Council (CRC), a branch of the California Civil Rights Department, approved the final text of new regulations to address employers’ lawful use of artificial intelligence (AI) and… more

Artificial Intelligence, Automated Decision Systems (ADS), California, Disability Discrimination, Disparate Impact

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Ophélia Claude

Is Coordination Between Competitors Sustainable Under EU Antitrust Law?

Many expected EU Commissioner Teresa Ribera, whose remit extends to enforcing competition law and implementing the goals of the European Green Deal, to be proactive in managing the coordination between competitors through… more

Antitrust Provisions, Carbon Emissions, CMOs, Competition, EU

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John Cobb

Loan Market Update: Q1-Q3 Recap, Trends & What’s Next

From Q1-Q3 of 2023, the U.S. loan market was marked by novel deal patterns and uneven market activity. Initially, the bulk of deals were portfolio work, including amend & extend transactions, covenant relief amendments and LIBOR… more

Banking Sector, Borrowers, EBITDA, Lenders, Libor

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Scott Colton

Market Intersection: A Quarterly Look at the U.S. Credit Markets 3Q22

The U.S. loan market continued to cool in the third quarter, amid an uncertain economic outlook. Geopolitical risks, rising interest rates and a continued threat of recession have caused lenders to focus on credit quality as the… more

Bank Loan Markets, Capital Markets, Collateralized Loan Obligations, Direct Lending, EBITDA

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Jennifer Conn

Supreme Court Rules Pure Omissions Not Actionable under Rule 10b-5

On April 12, 2024, the U.S. Supreme Court issued its decision in Macquarie Infrastructure Corp. v. Moab Partners, L.P., No. 22-1165, 601 U.S. __ (Apr. 12, 2024), in which the Court held that pure omissions are not actionable… more

Disclosure Requirements, Failure To Disclose, Macquarie Infrastructure Corp v Moab Partners LP, Omissions, Rule 10(b)

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Claire Connor

New U.S. Outbound Investment Restrictions on High-Technology Sectors in China

On August 9, 2023, President Biden issued a long-awaited Executive Order establishing the legal authority for the U.S. Department of Treasury (“Treasury Department”) to institute an unprecedented regulatory regime restricting… more

Advanced Notice of Proposed Rulemaking (ANPRM), Artificial Intelligence, China, Executive Orders, Information Technology

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Dave Coogan

States Form Consortium to Coordinate on Privacy Regulations

Earlier this week, the California Privacy Protection Agency (CPPA) and California Attorney General Rob Bonta announced the formation of a new bipartisan coalition called the Consortium of Privacy Regulators. This consortium… more

California, California Privacy Protection Agency (CPPA), Consumer Privacy Rights, Corporate Counsel, Data Privacy

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Jacqueline Cooney

Indiana Set to Become Seventh State to Enact Comprehensive Privacy Law

State legislatures continue to take privacy matters into their own hands while talks of a federal privacy law linger. Indiana is set to become the seventh state to enact a comprehensive privacy law when Senate Bill No. 5 is… more

Consumer Privacy Rights, Data Protection, GLBA Privacy, Governor Holcomb, Gramm-Leach-Blilely Act

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Natalie Rae Coulton

Artificial Intelligence Patents: Reflections on Recent US v EU v UK Approaches

The rapid increase in innovation and popularity surrounding AI, its capabilities and seemingly endless applications has created a technological revolution, the magnitude of which hasn’t been seen for decades. This has led to a… more

Abstract Ideas, Appellate Courts, Artificial Intelligence, Corporate Counsel, European Patent Office

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Ted Craig

Credit Funds: The Year of the Regulator

We are delighted to bring you this edition of Spotlight Magazine, the content of which has come at just the right time, with it becoming increasingly apparent that we are in the midst of a global regulatory refresh of the… more

Alternative Investment Fund Managers Directive (AIFMD), Alternative Investment Funds, Asset Management, Credit Funds, ELTIF

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Jaime Crowe

Chile Energy Bill Provokes Regulatory Risks for Investment in Renewables Sector

The Chilean Congress is currently considering a legislative proposal introduced by the Chilean Government aimed at subsidizing electricity costs for approximately 4.7 million households. The proposed bill introduces a temporary… more

Chile, Corrective Action Plans (CAPs), Electricity Costs, Energy Charter Treaty, Energy Projects

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Andras Csonka

Private Debt Explosion: Breaking New Ground

In the last 12 months, we have seen private debt markets take off over other strategies. In particular, there are now more creative ways of bringing in new types of investors to this asset class, including insurers, pension… more

Alternative Investment Funds, Asset Management, Capital Markets, Debt Financing, EU

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Arthur De Baudry D'Asson

H1 2022 Energy and Infrastructure Round-up

Welcome to our H1 2022 Energy and Infrastructure Round-up. Here we share our assessment of key legal and transactional developments in the energy and infrastructure market including: •Market Activity- •Market Commentary-… more

BEIS, Divestiture, Energy Sector, Environmental Social & Governance (ESG), European Commission

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BJ D'Avella

Netherlands HCP Rate Caps: Key Updates

In early 2022, Dutch regulators deployed a new methodology for calculating the maximum hourly rates that life sciences companies may pay to healthcare professionals (“HCPs”) and others engaged in fee-for-service consulting… more

Fee-for-Service, Health Care Providers, Life Sciences, Medical Devices, Netherlands

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Kaveh Dabashi

Supreme Court Rejects ‘Background Circumstances’ Rule for Title VII Claims Brought by Members of Majority Groups

On June 5, the Supreme Court decided Ames v. Ohio Department of Youth Services, holding unanimously that members of majority groups suing their employers under Title VII of the Civil Rights Act of 1964 (Title VII) are not… more

Ames v Ohio Department of Youth Services, Department of Justice (DOJ), Employment Discrimination, Employment Litigation, Equal Employment Opportunity Commission (EEOC)

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Quinn Dang

President Trump Signs Three Executive Orders Relating to Artificial Intelligence

On July 23, 2025, just hours after releasing the AI Action Plan, President Donald Trump signed three executive orders aimed at accelerating data center construction, expanding the global reach of U.S. AI technology and… more

Artificial Intelligence, Bureau of Industry and Security (BIS), CEQ, Cybersecurity, Data Centers

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Chris Daniel

White House Issues Digital Asset Report, SEC Chair Declares Most Crypto Assets Are Not Securities and CFTC Advances Spot Market Push

Last week, the White House released a landmark report on digital financial technology, signaling a coordinated federal push to modernize crypto regulation. The report, issued by the President’s Working Group on Digital Assets,… more

Anti-Money Laundering, Blockchain, CFTC, Cryptoassets, Cryptocurrency

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Alexandra Daniels

Statute of Limitations for IEEPA and TWEA Violations Extended to 10 Years, and Additional Sanctions Developments

Recent legislation, H.R. 815, the National Security Supplemental (“the Act”) – further explained by guidance issued by the U.S. Department of the Treasury Office of Foreign Assets Control (“OFAC”) on July 22, 2024 – has extended… more

Cybersecurity, Economic Sanctions, Enforcement, EU, Export Controls

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Jay Darden

New DOJ FCPA Guidelines Target Cases Linked to US Strategic Interests

On June 9, U.S. Deputy Attorney General Todd Blanche issued a memorandum entitled “Guidelines for Investigations and Enforcement of the Foreign Corrupt Practices Act (FCPA),” which establishes guidelines to ensure that FCPA… more

Anti-Corruption, Bribery, Cartels, Corruption, Criminal Prosecution

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Tammy Davies

Market Intersection: A Quarterly Look at the U.S. Credit Markets 1Q23

General market unease in the first fiscal quarter of 2023 was evident. The back-to-back collapse of two regional banks spooked investors and the effects of two federal rate increases rippled through the market. Uncertainty in… more

Banks, Bond Markets, Borrowers, Financial Institutions, Investment

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Felicia Davis

New California Regulations on Employers' Use of AI to Make Decisions Go Into Effect Oct. 1, 2025

Earlier this year, the California’s Civil Rights Council (CRC), a branch of the California Civil Rights Department, approved the final text of new regulations to address employers’ lawful use of artificial intelligence (AI) and… more

Artificial Intelligence, Automated Decision Systems (ADS), California, Disability Discrimination, Disparate Impact

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Behnam Dayanim

New U.S. Semiconductor Technology Controls Impose Strict Burdens, and Sow Confusion

On October 7, 2022, the Commerce Department Bureau of Industry and Security (“BIS”) – the primary gatekeeper on U.S. export controls – unleashed two lengthy and highly complex sets of regulations, aimed squarely at stopping the… more

Bureau of Industry and Security (BIS), China, ECCNs, Entity List, Export Administration Regulations (EAR)

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Emily Deagen

Check-Up and Diagnosis: The Ongoing Scrutiny of Private Equity Healthcare Investments

In 2024 alone, over 676 private equity firms and related investors acquired healthcare companies or related assets. The growing influence of private equity in the healthcare industry has not gone unnoticed on either of the… more

Acquisitions, Antitrust Provisions, Department of Justice (DOJ), Enforcement Actions, False Claims Act (FCA)

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William DeGrandis

FERC Finalizes Rule Eliminating Cost Recovery for Reactive Rates

On October 17, 2024, the Federal Energy Regulatory Commission (FERC) issued its final rule on reactive power compensation (Order No. 904)[1], which finalized the plan outlined in its Notice of Proposed Rulemaking (NOPR) to… more

Electric Generation Suppliers, Electricity, Energy Sector, FERC, Final Rules

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Meg Dennard

Regulating Proxy Advisors: Court Rules Advice Is Not a ‘Solicitation’ and Texas Enacts Its Own Law

On July 1, 2025, the U.S. Court of Appeals for the District of Columbia Circuit ended more than five years of uncertainty and confusion by ruling that proxy voting advice issued by proxy advisors is not a “solicitation” under… more

Appellate Courts, Corporate Governance, Disclosure Requirements, Diversity and Inclusion Standards (D&I), Environmental Social & Governance (ESG)

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Claire Dennis

A Sea Change Looms as FDA Finalizes Its Controversial Regulation Asserting Jurisdiction Over LDTs

On April 29, 2024, after years of false starts trying to expand oversight of laboratory developed tests (“LDTs”) through administrative and legislative actions, FDA announced the much-anticipated—and highly controversial—final… more

Chevron Deference, CLIA, Clinical Laboratories, Federal Food Drug and Cosmetic Act (FFDCA), Food and Drug Administration (FDA)

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Maggie DePoy

CFTC Advisory on Self-Reporting, Cooperation and Remediation: A Game-Changer for the Industry

This week, the CFTC released an Enforcement Advisory setting forth concrete guidelines for self-reporting, cooperation and remediation that will reshape how market participants report and defend potential violations… more

CFTC, Department of Justice (DOJ), Enforcement Actions, Financial Regulatory Reform, Penalties

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Ryan Derry

Federal Contractors With DEI Policies at Increased Risk of False Claims Act Liability

President Donald Trump has signed more than 60 executive orders since taking office, including Executive Order 14173, titled “Ending Illegal Discrimination and Restoring Merit-Based Opportunity” (EO 14173 or the Executive… more

Anti-Discrimination Policies, Compliance, Department of Justice (DOJ), Diversity and Inclusion Standards (D&I), Employment Discrimination

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Ronak Desai

Congressional Oversight: Why the Minority Still Matters

Republicans currently control the White House and both chambers of Congress. As the majority power controlling both the House and Senate, the GOP holds the reins of the congressional oversight and investigations agenda… more

Congressional Investigations & Hearings, Congressional Oversight, Legislative Agendas, Political Campaigns, Political Candidates

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Chelsea Desruisseaux

Paid Prenatal Personal Leave Goes Into Effect for Pregnant New Yorkers in 2025 - UPDATED

In April 2024, the New York State Legislature passed Governor Hochul’s 2025 Executive Budget that expands the statewide Sick Leave Law to provide 20 hours of paid prenatal personal leave per 52-week period for pregnant… more

Healthcare, New York, Paid Leave, Pregnancy, Pregnant Workers Fairness Act

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Yousuf Dhamee

SEC Provides Updated Guidance Reducing Burden for Rule 506(c) Verification Requirement

On March 12, 2025, the Staff of the SEC Division of Corporation Finance (the Staff) provided guidance in response to a letter requesting interpretive guidance (the No-Action Letter) to clarify the verification requirement of… more

Capital Markets, CD&I, Compliance, Investment Funds, Investors

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Jonathan Dhanawade

FinCEN Throws Another Curveball: Beneficial Ownership Reporting for Dissolved Companies

This week, FinCEN issued new FAQs interpreting the obligations of the Corporate Transparency Act (“CTA”) that would require entities that were dissolved prior to the due date of the beneficial ownership initial report (“BOI… more

Beneficial Owner, Corporate Transparency Act, FinCEN, IRS, Reporting Requirements

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Navi Dhillon

California Pushes ‘Abundance’ Agenda With Major CEQA Reforms for Housing and Select Infrastructure

On June 30, California Governor Gavin Newsom signed two budget trailer bills that deliver the most significant and sweeping reform of the California Environmental Quality Act (CEQA) in the 55-year history of this far-reaching… more

Affordable Housing, California, CEQA Reform, Environmental Litigation, Housing Developers

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Ankush Dhupar

New California Regulations on Employers' Use of AI to Make Decisions Go Into Effect Oct. 1, 2025

Earlier this year, the California’s Civil Rights Council (CRC), a branch of the California Civil Rights Department, approved the final text of new regulations to address employers’ lawful use of artificial intelligence (AI) and… more

Artificial Intelligence, Automated Decision Systems (ADS), California, Disability Discrimination, Disparate Impact

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Colin Diamond

Regulating Proxy Advisors: Court Rules Advice Is Not a ‘Solicitation’ and Texas Enacts Its Own Law

On July 1, 2025, the U.S. Court of Appeals for the District of Columbia Circuit ended more than five years of uncertainty and confusion by ruling that proxy voting advice issued by proxy advisors is not a “solicitation” under… more

Appellate Courts, Corporate Governance, Disclosure Requirements, Diversity and Inclusion Standards (D&I), Environmental Social & Governance (ESG)

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Timothy Dickinson

The Russia-Ukraine War: Establishing a Claims Compensation Process

Russia’s invasion of Ukraine has resulted in the United States, European Union, United Kingdom and numerous other jurisdictions implementing the most draconian economic sanctions ever imposed on a major economy. While those… more

Asset Freeze, Damages, Economic Sanctions, EU, Popular

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Lindsey Ware Dieselman

OFAC Revokes General Authorization for Venezuelan Oil and Gas Sector But Permits Limited Wind-Down Transactions

Broad authorizations permitting dealings in Venezuela’s oil and gas sector came to an end on April 17, 2024, when the United States Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) terminated General… more

Economic Sanctions, General Licenses, Office of Foreign Assets Control (OFAC), Oil & Gas, SDN List

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Madison Dipman

LA Wildfires: Will the Governor’s Efforts to Streamline Environmental Permitting Really Matter?

On January 12, 2025, California Governor Gavin Newsom signed an executive order (EO N-4-25) to suspend permitting requirements under the California Environmental Quality Act (CEQA) and the California Coastal Act, with the goal… more

California, California Coastal Commission, CEQA, Environmental Policies, Executive Orders

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Eric Distelburger

Illinois District Court Blocks Portions of Anti-DEI Executive Order

There are several concurrent challenges to President Donald Trump’s “Ending Illegal Discrimination and Restoring Merit-Based Opportunity” executive order (Anti-DEI EO). Previously, the U.S. District Court for the District of… more

Constitutional Challenges, Department of Labor (DOL), Diversity and Inclusion Standards (D&I), Employment Discrimination, Executive Orders

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Sean Donahue

Regulating Proxy Advisors: Court Rules Advice Is Not a ‘Solicitation’ and Texas Enacts Its Own Law

On July 1, 2025, the U.S. Court of Appeals for the District of Columbia Circuit ended more than five years of uncertainty and confusion by ruling that proxy voting advice issued by proxy advisors is not a “solicitation” under… more

Appellate Courts, Corporate Governance, Disclosure Requirements, Diversity and Inclusion Standards (D&I), Environmental Social & Governance (ESG)

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Tamsin Doran

H1 2022 Energy and Infrastructure Round-up

Welcome to our H1 2022 Energy and Infrastructure Round-up. Here we share our assessment of key legal and transactional developments in the energy and infrastructure market including: •Market Activity- •Market Commentary-… more

BEIS, Divestiture, Energy Sector, Environmental Social & Governance (ESG), European Commission

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Madalyn Doucet

Virginia Expands Noncompete Ban for Low-Wage Employees

Virginia has expanded its limited prohibitions on the use of noncompetition agreements for “low-wage employees,” which have been in place since 2020. On March 24, 2025, Virginia Gov. Glenn Youngkin signed Virginia Senate Bill… more

Employee Rights, Employees, Employer Responsibilities, Fair Labor Standards Act (FLSA), New Legislation

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Amin Doulai

Credit Funds: Riding the Sea of Change

We are delighted to bring this edition of Spotlight Magazine to you after the disruption of the past two years and the COVID-19 pandemic. There has been a sea of regulatory change that has evolved during this time, masked by… more

Alternative Investment Fund Managers Directive (AIFMD), Anti-Money Laundering, Blacklist, Coronavirus/COVID-19, Corporate Governance

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S. Joy Dowdle

New DOJ FCPA Guidelines Target Cases Linked to US Strategic Interests

On June 9, U.S. Deputy Attorney General Todd Blanche issued a memorandum entitled “Guidelines for Investigations and Enforcement of the Foreign Corrupt Practices Act (FCPA),” which establishes guidelines to ensure that FCPA… more

Anti-Corruption, Bribery, Cartels, Corruption, Criminal Prosecution

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Brad Drake

An Eye on Insurance: Recent Developments in Insurance Regulation - UPDATED September 2024

2024 has seen a significant amount of activity by state insurance regulators and the National Association of Insurance Commissioners (the “NAIC”) including the adoption of major revisions to the regimes governing investments by… more

Artificial Intelligence, Bonds, Debt Securities, Department of Financial Services, Insurance Industry

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Quentin Dreyfus

Addressing Gaps and Inconsistencies in the EU Sanctions’ Enforcement: The Commission Urges Member States to Transpose Directive (EU) 2024/1226

Since Russia’s invasion of Ukraine in February 2022, the European Union has adopted 18 packages of sanctions targeting Russia and Belarus, with the latest on July 19, 2025. In total, the EU has about 40 different sanctions… more

Belarus, Criminal Prosecution, Cross-Border Transactions, Economic Sanctions, Enforcement

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Jonathan Drimmer

Keep Calm and Carry On: Thoughts on Recent Orders on FCPA Enforcement

What in the world is happening with enforcement of the Foreign Corrupt Practices Act (FCPA)? And what does the recent executive order (EO) and Department of Justice (DOJ) guidance mean for U.S. and global companies? Our view is… more

Anti-Corruption, Bribery, Compliance, Corporate Counsel, Corporate Governance

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Brad Dumbacher

Get Ready for the New Outbound Investment Security Program

The final regulations of the Outbound Investment Security Program, issued by the United States Department of the Treasury (the Treasury Department) on October 28, 2024 (the Final Rule), will become effective on January 2, 2025… more

Artificial Intelligence, Carve Out Provisions, China, Foreign Investment, Hong Kong

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Nathaniel Edmonds

Keep Calm and Carry On: Thoughts on Recent Orders on FCPA Enforcement

What in the world is happening with enforcement of the Foreign Corrupt Practices Act (FCPA)? And what does the recent executive order (EO) and Department of Justice (DOJ) guidance mean for U.S. and global companies? Our view is… more

Anti-Corruption, Bribery, Compliance, Corporate Counsel, Corporate Governance

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David Elder

SEC Provides Updated Guidance Reducing Burden for Rule 506(c) Verification Requirement

On March 12, 2025, the Staff of the SEC Division of Corporation Finance (the Staff) provided guidance in response to a letter requesting interpretive guidance (the No-Action Letter) to clarify the verification requirement of… more

Capital Markets, CD&I, Compliance, Investment Funds, Investors

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Samantha Eldredge

Revisiting Shareholder Proposal Exclusions

On July 13, 2022, the Securities and Exchange Commission (the “SEC”) proposed amendments (the “Proposed Amendments”) to Rule 14a-8 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which would revise three… more

Comment Period, Exclusions, No-Action Requests, Proposed Amendments, Securities and Exchange Commission (SEC)

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Ian Engstrand

A Victory for Deal Certainty: Reasonable Best Efforts Covenants Should be Taken Seriously

The recent decision of the Delaware Court of Chancery in Desktop Metal, Inc. v. Nano Dimension Ltd. and Nano USI I, Inc. provides valuable lessons for both sellers and buyers on deal certainty and reasonable best efforts… more

Acquisitions, Breach of Contract, CFIUS, Contract Disputes, Contract Terms

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Jason Ertel

Federal Court Determines American Airlines, Inc., 401(k) Plan Fiduciaries Breached Their ERISA Fiduciary Duty of Loyalty to Employees by Pursuing ESG Policy Goals

On January 10th, the United States District Court for the Northern District of Texas (the court) ruled that American Airlines, Inc. (American) and the American Airlines Employee Benefits Committee (together, the Defendants)… more

401k, BlackRock, Conflicts of Interest, Corporate Governance, Employee Benefits

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Paul Evans

Supreme Court Rejects ‘Background Circumstances’ Rule for Title VII Claims Brought by Members of Majority Groups

On June 5, the Supreme Court decided Ames v. Ohio Department of Youth Services, holding unanimously that members of majority groups suing their employers under Title VII of the Civil Rights Act of 1964 (Title VII) are not… more

Ames v Ohio Department of Youth Services, Department of Justice (DOJ), Employment Discrimination, Employment Litigation, Equal Employment Opportunity Commission (EEOC)

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Adina Ezekiel

It’s Here: U.K. Statutory Guidance for the Failure to Prevent Fraud Offence

The Guidance to organisations on the offence of failure to prevent fraud, (the Guidance), introduced under the Economic Crime and Corporate Transparency Act 2023 (ECCTA) has finally been published by the U.K. Government. With… more

Aiding and Abetting, Bribery, Corporate Crimes, Corporate Transparency Act, Financial Crimes

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Caitlin Falk

California Ushers in a New Wave of Employment Laws, Effective Next Year

Signing off on a busy legislative year, Governor Newsom just confirmed into law over a dozen bills from the California Legislature. As a result, many California employees will begin next year with new and enhanced rights related… more

Anti-Discrimination Policies, Anti-Harassment Policies, Anti-Retaliation Provisions, California, Crime Victims

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Alex Farr

One Big Beautiful Bill Act — A Private Equity Perspective

On July 4, President Donald Trump signed into law the One Big Beautiful Bill Act (OBBBA). This alert summarizes the key changes under the OBBBA relevant to private equity sponsors and their investors, as well as some of the… more

Bonus Depreciation, Business Taxes, Carried Interest, EBITDA, Interest Rates

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Matthew Farrell

Human Rights Risks for Mining and Manufacturing: Lessons from Ten Years of the OECD Guidelines

In 2011, following the adoption of the United Nations Guiding Principles, the OECD Guidelines for Multinational Enterprises (the “Guidelines”)—the only existing intergovernmental guidance to businesses—introduced a new chapter… more

Bribery, Department of Industrial Relations, Extortion, Human Rights, Manufacturers

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Emma Fata

The EU Omnibus — But Where Does It Go?

The first EU Omnibus packages, introduced by the European Commission on February 26, 2025, consolidate proposals across multiple legislative areas, focusing on simplifying regulations in corporate sustainability reporting,… more

Carbon Emissions, Climate Change, Corporate Governance, Environmental Social & Governance (ESG), EU

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Kimia Favagehi

CPPA Proposes Amendments to Draft Regulations on ADMTs

On May 1, the California Privacy Protection Agency (CPPA) Board held a meeting to discuss proposed amendments to the CPPA draft regulations on cybersecurity audits, risk assessments and automated decision-making technology… more

California, California Privacy Protection Agency (CPPA), Consumer Privacy Rights, Data Privacy, Privacy Laws

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Jade-Alexandra Fearns

From Burden to Balance: UK Moves to Streamline NSIA Regime

On 22 July 2025, the UK Cabinet Office announced a package of proposed reforms to the National Security and Investment Act (NSIA) 2021 aimed at streamlining the regime and easing the burden facing businesses who trigger NSIA… more

Artificial Intelligence, Compliance, Critical Infrastructure Sectors, Energy Sector, Foreign Investment

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Brian Featherstun

California Legislature Steps in to Rewrite PAGA, Avoiding Ballot Measure

California lawmakers released their proposed amendments to California’s Private Attorneys General Act (“PAGA”) in two companion bills: SB 92 and AB 2279. The legislature must vote on the bills by June 27. While the legislature… more

Ballot Measures, Cal Code of Civil Procedure, California, Labor & Workforce Development Agency (LWDA), Labor Code

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Keith Feigenbaum

New Trump Administration Tariffs Fundamentally Change Global Trading System, Raise Commercial and Compliance Risks

On April 2, 2025, the Trump administration announced the rollout of its “Reciprocal Tariff Policy,” which on April 5 will effect a blanket 10% ad valorem duty on all articles imported into the U.S. from approximately 185… more

Department of Justice (DOJ), Economic Sanctions, Executive Orders, False Claims Act (FCA), Imports

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Jason Fiebig

Keep Calm and Carry On: Thoughts on Recent Orders on FCPA Enforcement

What in the world is happening with enforcement of the Foreign Corrupt Practices Act (FCPA)? And what does the recent executive order (EO) and Department of Justice (DOJ) guidance mean for U.S. and global companies? Our view is… more

Anti-Corruption, Bribery, Compliance, Corporate Counsel, Corporate Governance

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Christine Fiedler

New Executive Actions Potentially Impact Renewable Energy Projects

Among the wave of executive actions issued upon President Trump taking office again, some executive orders and memorandums may affect portions of the burgeoning renewable energy sector. The renewable energy sector has been… more

Appropriation, Department of Energy (DOE), Energy Policy, Energy Sector, Environmental Protection Agency (EPA)

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Henry Finkelstein

The Verdict Is In: SuperValu Wins at Trial Despite Knowingly Submitting False Claims

In 2023, we wrote about the Supreme Court’s decision in United States ex. rel. Schutte v. SuperValu Inc. interpreting the False Claims Act’s (FCA) scienter standard to require inquiry into a defendant’s subjective knowledge… more

Breach of Contract, Centers for Medicare & Medicaid Services (CMS), Damages, Expert Testimony, False Claims Act (FCA)

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Stephen Fitzgerald

New York State Bill Seeks to Impose Greenhouse Gas Emissions Disclosure Requirements

On January 27, 2025, N.Y Sen. Brad Hoylman-Sigal (D), introduced Senate Bill 3456 (“SB 3456”) calling for the adoption of the Climate Corporate Data Accountability Act (“CCDAA”). The bill is substantively identical to… more

California, Climate Change, Constitutional Challenges, Disclosure Requirements, Enforcement

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Justin Fleischacker

New Decision Addresses Whether Transcription Error in Prior Art Supports Obviousness

More than 50 years ago, the Court of Customs and Patent Appeals (CCPA) in In re Yale, 434 F.2d 666 (C.C.P.A. 1970), held that where a prior art reference includes an obvious error of a typographical or similar nature that would… more

Appeals, Board of Patent Appeals, Inter Partes Review (IPR) Proceeding, Obviousness, Patent Trial and Appeal Board

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Scott Flicker

U.S. Department of Defense Set to Implement Its Cybersecurity Maturity Model Certification Program With Publication of New Rule

On October 15, 2024, the Department of Defense (“DoD”) published the final version of its rule implementing the Cybersecurity Maturity Model Certification (“CMMC”) Program under Title 32 of the Code of Federal Regulations (the… more

Controlled Unclassified Information (CUI), Cybersecurity, Cybersecurity Maturity Model Certification (CMMC), Defense Contracts, Defense Sector

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Dan Fliman

The Purdue Decision on Third Party Releases and Its Practical Implications

In a landmark decision that will significantly impact future reorganization plans, the Supreme Court categorically held in Harrington v. Purdue Pharma L.P., that bankruptcy courts lack the authority to approve nonconsensual… more

Bankruptcy Code, Bankruptcy Court, Chapter 11, Commercial Bankruptcy, Harrington v Purdue Pharma L P

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Cameron Fox

Recent Developments Affecting Non-Competes and Employee Mobility

Employers take note: a series of recent developments could impact the way that companies across the country handle non-competition restrictions and retention rules. First, recent developments in the legal challenges to the FTC’s… more

Employer Liability Issues, Federal Trade Commission (FTC), NLRA, NLRB, Non-Compete Agreements

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David Fox

Reign Turns to Clouds—The Western District of Texas Fundamentally Changes Its Assignment Procedure for Patent Cases

On Monday, July 25, the Chief Judge for the Western District of Texas issued an order altering how patent cases are assigned in that District. The order implements a “random assignment” procedure that now prevents plaintiffs… more

Administrative Patent Judges, Assignments, Judges, Judicial Districts, Patent Litigation

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Rob Freedman

New Executive Actions Potentially Impact Renewable Energy Projects

Among the wave of executive actions issued upon President Trump taking office again, some executive orders and memorandums may affect portions of the burgeoning renewable energy sector. The renewable energy sector has been… more

Appropriation, Department of Energy (DOE), Energy Policy, Energy Sector, Environmental Protection Agency (EPA)

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Keith Fujiu

Financing the Middleman: Traps for the Unwary When Financing an Intermediary Business

Lenders relying on a security interest in the accounts receivable of borrowers need to use caution when financing an intermediary business that could be subject to express or constructive trusts. If an intermediary business… more

Accounts Receivable, Bank Deposits, Beneficiaries, Borrowers, Constructive Trusts

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Kenneth Gage

The Department of Justice’s Latest Guidance for Recipients of Federal Funding Regarding Unlawful Discrimination

Following President Donald Trump’s issuance in January 2025 of the “Ending Illegal Discrimination and Restoring Merit-Based Opportunity” executive order, which sought to curb “illegal” diversity, equity and inclusion (DEI)… more

Anti-Discrimination Policies, Civil Rights Act, Department of Justice (DOJ), Diversity and Inclusion Standards (D&I), Employment Discrimination

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Jessamy Gallagher

The U.K. Budget: Eye Openers and Opportunities

On 30 October 2024, the Labour Government delivered their first Budget since taking office. A wide range of changes were announced to taxation and public spending, and the team in the London office of Paul Hastings have… more

Budgets, Capital Gains Tax, Electric Vehicles, Energy Projects, Environmental Social & Governance (ESG)

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Eduardo Gallardo

Public Company Update: D.C. District Court Rules Proxy Voting Advice Beyond The Scope Of Federal Proxy Rules

On February 23, 2024, the U.S. District Court for the District of Columbia ruled in favor of Institutional Shareholder Services Inc. on the party’s motions for summary judgment, ending a years long dispute over whether proxy… more

Institutional Shareholder Services (ISS), National Association of Manufacturers, Proxy Voting, Proxy Voting Guidelines, Securities and Exchange Commission (SEC)

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John Gasparini

CISA Proposes Sweeping Cybersecurity Incident Reporting for U.S. Companies

On March 27, 2024, the Cybersecurity & Infrastructure Security Agency (“CISA”) released proposed regulations requiring expansive new cybersecurity incident and ransomware payment reporting across sixteen “critical infrastructure… more

Critical Infrastructure Sectors, Cyber Attacks, Cyber Incident Reporting, Cyber Incident Reporting for Critical Infrastructure Act of 2022 (CIRCIA), Cybersecurity

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Natasha Nicholson Gaviria

Off to the Races: DOJ Offers New Incentives for Whistleblowers and Companies to Report Misconduct

Earlier this year, as described in a previous client alert, the Department of Justice (“DOJ”) Criminal Division announced a landmark pilot program to pay monetary awards to whistleblowers (the “Program”). At that time, Deputy… more

Asset Recovery, Bribery, CFTC, Corporate Misconduct, Department of Justice (DOJ)

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Paul Genender

Texas Ethics Opinion Clarifies Limits on Nondisparagement Clauses in Settlements

This month, the Texas Professional Ethics Committee issued Opinion No. 708, clarifying that attorneys licensed in Texas may not agree to settlement provisions that restrict their ability to practice law. The opinion interprets… more

Confidentiality Agreements, Legal Ethics, Non-Disparagement Provisions, Rules of Professional Conduct, Settlement Agreements

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Raphaël Saint George

Dutch Appeal Court Overturns Emissions Reduction Targets on Shell

On April 5th, 2019, environmental activist group Milieudefensie (Friends of the Earth) Netherlands and co-plaintiffs served Shell a court summons alleging Shell’s contributions to climate change violated its duty of care under… more

Appeals, Carbon Emissions, Climate Change, Environmental Policies, Environmental Social & Governance (ESG)

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Dr. Jan Gernoth

Reform Attempt to Soften the Written Form Requirement for Commercial Lease Agreements

Lease agreements with a term of more than one year are currently subject to a written form requirement under the German Civil Code. For years, there have been ongoing discussions about a potential abolition of the written form… more

Commercial Leases, Commercial Property Owners, Commercial Tenants, Contract Terms, Purchasers

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Amir Ghavi

President Trump Signs Three Executive Orders Relating to Artificial Intelligence

On July 23, 2025, just hours after releasing the AI Action Plan, President Donald Trump signed three executive orders aimed at accelerating data center construction, expanding the global reach of U.S. AI technology and… more

Artificial Intelligence, Bureau of Industry and Security (BIS), CEQ, Cybersecurity, Data Centers

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Philippe Bouchez El Ghozi

Whistleblower Protection in Europe: Where do we Stand?

The European Court of Human Rights (hereinafter referred to as “ECHR”) has just granted the status of whistleblower to a former employee of PwC, in Luxemburg, who was at the origin of public revelations on certain tax practices,… more

EU, European Commission, European Court of Human Rights, Member State, Whistleblowers

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Rakan Ghubej

Clock is Ticking: 1-Year until DSCSA’s Enhanced Drug Distribution Security Requirements Take Effect

Ten years in the making, and full implementation is finally coming. In about a year—beginning on November 27, 2023—prescription drug manufacturers and their supply chain partners will be required to fully trace and verify… more

Drug Distribution, DSCSA, Food and Drug Administration (FDA), Manufacturers, Pharmaceutical Industry

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Gary Giampetruzzi

At the Crossroads: Illumina Settlement Reflects the Intersection of Cybersecurity and Healthcare Law

On July 31, the U.S. Department of Justice (DOJ) announced a settlement in United States ex rel. Lenore v. Illumina, Inc, the first case in which underlying cybersecurity issues formed the basis of a settlement under the False… more

Cybersecurity, Department of Health and Human Services (HHS), Department of Justice (DOJ), Department of Veterans Affairs, Enforcement Actions

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Ariel Vita Giumarelli

New Emphasis on Human Rights and Human Rights Due Diligence in U.S. Export Controls

As the European Union has made continued progress toward implementing a holistic human rights legislative agenda, the United States, in the wake of the recent second Summit for Democracy, began to push its own set of human… more

China, Code of Conduct, Due Diligence, Export Administration Regulations (EAR), Export Controls

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Tara Giunta

Our Top 10 Predicted Business and Human Rights Issues for 2025

Even for the unpredictable world of business and human rights, 2024 was particularly volatile, including for sustainability more generally. The European Union’s (EU) Corporate Sustainability Due Diligence Directive (CSDDD) was… more

Africa, Artificial Intelligence, China, Climate Action Plan, Corporate Governance

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Alex Glazer

New Congressional Task Force on Federal Secrets Convenes First Hearing Focused on JFK Files

Earlier this year, the GOP-controlled House of Representatives established the Task Force on the Declassification of Federal Secrets, a newly created body under the House Committee on Oversight and Reform. The task force,… more

Congressional Investigations & Hearings, Declassification, FOIA, Government Agencies, Legislative Agendas

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Scott Gluck

SEC Provides Updated Guidance Reducing Burden for Rule 506(c) Verification Requirement

On March 12, 2025, the Staff of the SEC Division of Corporation Finance (the Staff) provided guidance in response to a letter requesting interpretive guidance (the No-Action Letter) to clarify the verification requirement of… more

Capital Markets, CD&I, Compliance, Investment Funds, Investors

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Howard Glucksman

President Trump Signs Three Executive Orders Relating to Artificial Intelligence

On July 23, 2025, just hours after releasing the AI Action Plan, President Donald Trump signed three executive orders aimed at accelerating data center construction, expanding the global reach of U.S. AI technology and… more

Artificial Intelligence, Bureau of Industry and Security (BIS), CEQ, Cybersecurity, Data Centers

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Kelly Kyung-Lee Go

SEC Adopts Amendments to Share Repurchase Disclosure Requirements

On May 3, 2023, the U.S. Securities and Exchange Commission (the “SEC”) adopted new enhanced disclosure requirements for issuers’ repurchases of equity securities. The amendments require issuers to provide the following… more

Closed-End Funds, Directors, Disclosure Requirements, Foreign Private Issuers, Regulation S-K

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Tamerlin Godley

The Supreme Court Affirms the Availability of Damages Beyond Three Years for Copyright Infringement If the Discovery Rule Applies

On May 9, 2024, the Supreme Court issued its decision in Warner Chappell Music Inc. et al. v. Nealy et al., holding that a plaintiff can seek damages for past infringement that had occurred earlier than the three-year statute of… more

Appeals, Copyright, Copyright Infringement, Copyright Litigation, Damages

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Jordan Goldman

Navigating Control Mechanisms in Startups

The question of control is pivotal for startups and their investors. Startup founders naturally desire influence over their company's direction, but when external investors enter the picture, the dynamics of control often… more

Capital Raising, Dual Class Share Structures, Early Stage Companies, Initial Public Offering (IPO), Investors

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Wendy Goldstein

At the Crossroads: Illumina Settlement Reflects the Intersection of Cybersecurity and Healthcare Law

On July 31, the U.S. Department of Justice (DOJ) announced a settlement in United States ex rel. Lenore v. Illumina, Inc, the first case in which underlying cybersecurity issues formed the basis of a settlement under the False… more

Cybersecurity, Department of Health and Human Services (HHS), Department of Justice (DOJ), Department of Veterans Affairs, Enforcement Actions

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Adam J. Gomes-Abreu

Considerations in View of the Lived Experience of Affected Individuals: Compliance in the Rare Disease Space

Over 10,000 rare diseases are currently affecting more than 30 million Americans. This article, written in partnership with members of the Rare Disease Compliance Consortium, focuses on the role of Patient Advocacy Organizations… more

Diagnostic Tests, Health Care Providers, Healthcare, Life Sciences, Medical Research

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Andrew Goodman

Biotech Spin-Off Transactions

As we previously discussed (here and here), the biotech mergers and acquisitions market currently faces significant headwinds. These challenges include frozen capital markets, regulatory uncertainty at the Food and Drug… more

Acquisitions, Biotechnology, Capital Markets, Corporate Governance, Department of Health and Human Services (HHS)

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Serena Granger

Loan Market Update: Q1-Q3 Recap, Trends & What’s Next

From Q1-Q3 of 2023, the U.S. loan market was marked by novel deal patterns and uneven market activity. Initially, the bulk of deals were portfolio work, including amend & extend transactions, covenant relief amendments and LIBOR… more

Banking Sector, Borrowers, EBITDA, Lenders, Libor

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Caden Grant

New Executive Order Attacks ‘Disparate Impact’ Liability

On April 23, 2025, President Donald Trump signed the “Restoring Equality of Opportunity and Meritocracy” executive order (the Disparate Impact EO) directing federal agencies to eliminate the use of disparate impact liability “in… more

Department of Justice (DOJ), Disparate Impact, Employment Discrimination, Enforcement Actions, Equal Employment Opportunity Commission (EEOC)

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Jonice Gray

Executive Order Calls for Crackdown on Politicized Debanking

On August 7, President Donald Trump signed the “Guaranteeing Fair Banking for All Americans” executive order (EO) directing federal banking regulators to investigate financial institutions that have restricted access to… more

Banking Sector, Consumer Financial Protection Bureau (CFPB), Enforcement Actions, Executive Orders, FDIC

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LK Greenbacker

The California Financing Law — Commercial and Consumer Lenders Beware

Lenders or loan brokers based in California or lending to either commercial or consumer borrowers based in California are subject to the California Financing Law (CFL), which imposes licensing requirements on both lenders or… more

California, Commercial Loans, Compliance, Consumer Lenders, Department of Financial Protection and Innovation (DFPI)

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Teresa Greider

SCOTUS Removes ‘Significant Harm’ Requirement for Title VII Transfer Suits

On April 17, 2024, the Supreme Court decided Muldrow v. St. Louis, No. 22‑193, holding that Title VII of the Civil Rights Act of 1964 prohibits discriminatory job transfers that cause “some harm” with respect to the terms,… more

Adverse Employment Action, Civil Rights Act, Employee Transfers, Employer Liability Issues, Employment Discrimination

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Nick Griepsma

SEC Division of Examinations: 2025 Examination Priorities

Last week, the Securities and Exchange Commission’s Division of Examinations (the “Division”) released its 2025 examination priorities, an annual publication by the Division designed to make the public aware of issues, areas,… more

Broker-Dealer, Fiduciary Duty, Investment Adviser, Investment Advisers Act of 1940, Investment Company Act of 1940

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Meagan Griffin

White House Issues Digital Asset Report, SEC Chair Declares Most Crypto Assets Are Not Securities and CFTC Advances Spot Market Push

Last week, the White House released a landmark report on digital financial technology, signaling a coordinated federal push to modernize crypto regulation. The report, issued by the President’s Working Group on Digital Assets,… more

Anti-Money Laundering, Blockchain, CFTC, Cryptoassets, Cryptocurrency

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Lucas Grunbaum

California Pushes ‘Abundance’ Agenda With Major CEQA Reforms for Housing and Select Infrastructure

On June 30, California Governor Gavin Newsom signed two budget trailer bills that deliver the most significant and sweeping reform of the California Environmental Quality Act (CEQA) in the 55-year history of this far-reaching… more

Affordable Housing, California, CEQA Reform, Environmental Litigation, Housing Developers

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Sarah Guinee

FTC Announces Expansive and Unprecedented Non-compete Ban

On April 23, 2024, the Federal Trade Commission (FTC) adopted a Non‑Compete Clause Rule (the “Rule”) prohibiting most employee non‑compete agreements as unfair methods of competition by a vote of 3 to 2. The Rule is a somewhat… more

Apprenticeships, Chamber of Commerce, Federal Trade Commission (FTC), Independent Contractors, Internships

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Helen Gustafson

Federal Circuit Clarifies the Scope of IPR Estoppel

The Federal Circuit recently clarified the scope of statutory estoppel that applies in District Court after the PTAB issues a final written decision in a related inter partes review (IPR). Ingenico Inc. v. IOENGINE, LLC, No… more

§315(e), Appeals, Appellate Courts, Inter Partes Review (IPR) Proceeding, Obviousness

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James P. de Haan

Get Ready California Employers! A Wave Of New Employment Laws Set To Kick In Next Year.

Another New Year means another flurry of new laws for California employers. Indeed, Governor Newsom had another busy October, signing over a dozen employee-friendly bills touching everything from cannabis use to workplace… more

California, Discrimination, Drug Testing, Fast-Food Industry, FEHA

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Kendra Haar

House Passes Legislative Proposals as Senate Explores Market Structure Framework

Momentum continues to build for digital asset policy reform in Washington, with both chambers of Congress taking notable steps to advance legislative efforts. On June 23, the House passed several financial services and… more

Blockchain, Capital Markets, CFTC, Cryptocurrency, Digital Assets

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Kari Hall

Executive Order Calls for Crackdown on Politicized Debanking

On August 7, President Donald Trump signed the “Guaranteeing Fair Banking for All Americans” executive order (EO) directing federal banking regulators to investigate financial institutions that have restricted access to… more

Banking Sector, Consumer Financial Protection Bureau (CFPB), Enforcement Actions, Executive Orders, FDIC

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Jonathan Hamilton

Chile Energy Bill Provokes Regulatory Risks for Investment in Renewables Sector

The Chilean Congress is currently considering a legislative proposal introduced by the Chilean Government aimed at subsidizing electricity costs for approximately 4.7 million households. The proposed bill introduces a temporary… more

Chile, Corrective Action Plans (CAPs), Electricity Costs, Energy Charter Treaty, Energy Projects

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Vivian Handley

Venezuela Sanctions: Wind-Down of General License 41 and Introduction of ‘Secondary Tariffs’

The dynamic pace of early policymaking by the new U.S. administration has continued into the spring of 2025, including in the context of sanctions on Venezuela. While Venezuela is not, and has not been, subject to comprehensive… more

Economic Sanctions, Executive Orders, Export Controls, General Licenses, International Trade

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Benjamin Hanelin

California Pushes ‘Abundance’ Agenda With Major CEQA Reforms for Housing and Select Infrastructure

On June 30, California Governor Gavin Newsom signed two budget trailer bills that deliver the most significant and sweeping reform of the California Environmental Quality Act (CEQA) in the 55-year history of this far-reaching… more

Affordable Housing, California, CEQA Reform, Environmental Litigation, Housing Developers

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Amran Hanif

Credit Funds: Riding the Sea of Change

We are delighted to bring this edition of Spotlight Magazine to you after the disruption of the past two years and the COVID-19 pandemic. There has been a sea of regulatory change that has evolved during this time, masked by… more

Alternative Investment Fund Managers Directive (AIFMD), Anti-Money Laundering, Blacklist, Coronavirus/COVID-19, Corporate Governance

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Rachel Wu Hankinson

USPTO Rescinds Memorandum Addressing Discretionary Denial Procedures

On Friday, February 28, the USPTO published a bulletin that rescinded the “Interim Procedure for Discretionary Denials in AIA Post-Grant Proceedings with Parallel District Court Litigation” memorandum published by former USPTO… more

Intellectual Property Litigation, Inter Partes Review (IPR) Proceeding, Patent Litigation, Patent Trial and Appeal Board, Patents

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Hannah Edmonds

New CPPA Regulations for Data Brokers and ADMT Rulemaking Package Advance

On November 8, 2024, the California Privacy Protection Agency (CPPA) Board voted to adopt new regulations for data broker registration requirements. The CPPA Board also voted to advance proposed rules for insurance companies,… more

Automated Decision Systems (ADS), California Privacy Protection Agency (CPPA), Cybersecurity, Data Brokers, Data Privacy

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Kris Hansen

The Purdue Decision on Third Party Releases and Its Practical Implications

In a landmark decision that will significantly impact future reorganization plans, the Supreme Court categorically held in Harrington v. Purdue Pharma L.P., that bankruptcy courts lack the authority to approve nonconsensual… more

Bankruptcy Code, Bankruptcy Court, Chapter 11, Commercial Bankruptcy, Harrington v Purdue Pharma L P

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Anna Hardcastle

New NVCA Model Legal Documents - Now With Recent Market Data

The National Venture Capital Association, or NVCA, an organization that represents and advocates on behalf of the venture capital community, recently published updated forms of two of its model legal documents. Since 2003, the… more

Investment, Investors, Stock Purchase Agreement, Term Sheets, Venture Capital

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Tawnee Harker

The Legal 500’s Restructuring & Insolvency Comparative Guide

Our London Financial Restructuring team authored the UK chapter of the 8th Edition of The Legal 500’s “Restructuring & Insolvency Comparative Guide". The guide provides information on the current issues affecting restructuring &… more

Advisory Commissions, Appropriation, Creditors, Cross-Border, CVAs (Company Voluntary Arrangements)

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Marguerite Harris

Congressional Oversight: Why the Minority Still Matters

Republicans currently control the White House and both chambers of Congress. As the majority power controlling both the House and Senate, the GOP holds the reins of the congressional oversight and investigations agenda… more

Congressional Investigations & Hearings, Congressional Oversight, Legislative Agendas, Political Campaigns, Political Candidates

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Alicia Harrison

SEC Reporting Obligations Under Section 13 and Section 16 of the Exchange Act - UPDATED February 2025

This legal update summarizes (a) the reporting requirements under Section 13(d), (f), (g) and (h) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which are generally applicable to persons that own or… more

Beneficial Owner, Broker-Dealer, Disclosure Requirements, Filing Requirements, Insider Trading

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Jeff Hartlin

Qualified Small Business Stock Tax Benefits Expanded for Early-Stage Companies and Investors

The recently signed One Big Beautiful Bill Act (OBBBA) implements significant changes under Section 1202 of the Internal Revenue Code of 1986 (Code), applicable to qualified small business stock (QSBS) issued on or after July 5,… more

Capital Gains, Income Taxes, Investment, Investors, IRS

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Lawrence Hass

DOL Releases Final Regulation with Respect to ESG Investing

Over the last few years, the U.S. Department of Labor’s (the “DOL”) guidance and rulemaking with respect to considering environmental, social, and governance (“ESG”) factors in Employee Retirement Security Act of 1974, as… more

401k, Department of Labor (DOL), Employee Retirement Income Security Act (ERISA), Environmental Social & Governance (ESG), Investment Management

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Michael Haun

‘One Big Beautiful Bill Act’ Signed Into Law and Executive Order With Major Impacts on Clean Energy Tax Credits

On July 4, President Donald Trump signed into law the One Big Beautiful Bill Act (OBBBA), a budget reconciliation package that significantly modifies the clean energy tax credit framework established by the Inflation Reduction… more

Clean Energy, Compliance, Energy Policy, Executive Orders, Foreign Entities

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David Hearth

Recent Court Rulings Shape Strategies for Closed-End Funds in Shareholder Activism Context

Recent decisions from the U.S. Court of Appeals for the Second Circuit and the U.S. District Court for the Southern District of New York have brought attention to anti-takeover strategies employed by registered closed-end… more

Appellate Courts, Closed-End Funds, Investment Company Act of 1940, Investment Funds, Shareholder Activism

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David Hernand

FTC Proposed Ban on Non-Competes Includes M&A Exception Comparable to California Law

On January 5, 2023, the Federal Trade Commission (“FTC”) announced a proposed regulation (the “Proposed Rule”) that would ban non-compete agreements imposed against workers by employers. The Proposed Rule includes a narrow… more

Employment Contract, Exceptions, Federal Trade Commission (FTC), Non-Compete Agreements, NPRM

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Kenneth Herzinger

SEC Division of Examinations: 2025 Examination Priorities

Last week, the Securities and Exchange Commission’s Division of Examinations (the “Division”) released its 2025 examination priorities, an annual publication by the Division designed to make the public aware of issues, areas,… more

Broker-Dealer, Fiduciary Duty, Investment Adviser, Investment Advisers Act of 1940, Investment Company Act of 1940

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Jack Hibbard

At the Crossroads: Illumina Settlement Reflects the Intersection of Cybersecurity and Healthcare Law

On July 31, the U.S. Department of Justice (DOJ) announced a settlement in United States ex rel. Lenore v. Illumina, Inc, the first case in which underlying cybersecurity issues formed the basis of a settlement under the False… more

Cybersecurity, Department of Health and Human Services (HHS), Department of Justice (DOJ), Department of Veterans Affairs, Enforcement Actions

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Tom Hickey

It’s Here: U.K. Statutory Guidance for the Failure to Prevent Fraud Offence

The Guidance to organisations on the offence of failure to prevent fraud, (the Guidance), introduced under the Economic Crime and Corporate Transparency Act 2023 (ECCTA) has finally been published by the U.K. Government. With… more

Aiding and Abetting, Bribery, Corporate Crimes, Corporate Transparency Act, Financial Crimes

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Jennifer Hildebrandt

SVB Receivership – Considerations for Agents and Lenders

Background- On March 10, 2023, the California Department of Financial Protection and Innovation closed Silicon Valley Bank (SVB) and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for SVB… more

Agents, Bank Deposits, Banks, Board of Governors, Borrowers

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Chloe Hillson

Check-Up and Diagnosis: The Ongoing Scrutiny of Private Equity Healthcare Investments

In 2024 alone, over 676 private equity firms and related investors acquired healthcare companies or related assets. The growing influence of private equity in the healthcare industry has not gone unnoticed on either of the… more

Acquisitions, Antitrust Provisions, Department of Justice (DOJ), Enforcement Actions, False Claims Act (FCA)

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Sarah Hintzen

House Passes Legislative Proposals as Senate Explores Market Structure Framework

Momentum continues to build for digital asset policy reform in Washington, with both chambers of Congress taking notable steps to advance legislative efforts. On June 23, the House passed several financial services and… more

Blockchain, Capital Markets, CFTC, Cryptocurrency, Digital Assets

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Dan Hirschovits

UK Equity Capital Markets Insights — August 2025

In this edition of UK Equity Capital Markets Insights, we cover the following developments: • Consultation by the UK Takeover Panel on IPO Disclosures and Dual Class Share Structures - • The Publication of the UK FCA’s Final… more

Capital Markets, Disclosure Requirements, Dual Class Share Structures, Final Rules, Financial Conduct Authority (FCA)

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Matthew Honig

SB 553: California's Workplace Violence Prevention Law Taking Effect Today

On September 30, 2023, Governor Newsom signed Senate Bill 553 (the "Workplace Violence Prevention Act" or "WVP Act") which requires most California employers to develop and implement a comprehensive Workplace Violence Prevention… more

Cal-OSHA, California, Covered Employer, Employee Training, Recordkeeping Requirements

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Jordan Hook

Market Intersection: A Quarterly Look at the U.S. Credit Markets 1Q23

General market unease in the first fiscal quarter of 2023 was evident. The back-to-back collapse of two regional banks spooked investors and the effects of two federal rate increases rippled through the market. Uncertainty in… more

Banks, Bond Markets, Borrowers, Financial Institutions, Investment

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Stacy Hopkins

Looking for Liquidity in Foreign Places: A Lender’s Guide to Financing Goods Located Outside the US Part II

Part II: Ticket to Ride- With elevated interest rates and rising labor and supply costs, many U.S. companies are looking for additional sources of capital to continue growing their businesses. Companies with asset-based… more

Bill of Sale, Borrowers, Creditors, Foreign Jurisdictions, Goods or Services

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Suzanne Horne

Employment Rights Bill: Crucial Updates for UK Employers Ahead of Final Commons Vote Tomorrow

As anticipated, the Employment Rights Bill (ERB) continues to evolve — the latest development being the release of an amendment paper last week. But what do these latest changes really mean for U.K. employers?… more

Compliance, Employee Rights, Employment Contract, Employment Policies, Hiring & Firing

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Jessica Howe

CBAM, but Make It Simple: The EU’s CBAM Omnibus Package — in Short

In the first Omnibus packages, introduced on February 26, 2025, the European Commission (EC) has (among other proposals, which we have covered in detail here) proposed changes to streamline the Carbon Border Adjustment Mechanism… more

Carbon Emissions, EU, European Commission, Greenhouse Gas Emissions, Imports

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Alejandro Martinez de Hoz

Chile Energy Bill Provokes Regulatory Risks for Investment in Renewables Sector

The Chilean Congress is currently considering a legislative proposal introduced by the Chilean Government aimed at subsidizing electricity costs for approximately 4.7 million households. The proposed bill introduces a temporary… more

Chile, Corrective Action Plans (CAPs), Electricity Costs, Energy Charter Treaty, Energy Projects

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Juliette Hua

How to Factor in the New EU Foreign Subsidies Regulation in the Transactional Process. Paul Hastings’ FAQs and Toolbox

The recently enacted EU Foreign Subsidies Regulation (FSR) grants the European Commission investigative powers on foreign subsidies that may distort competition in the EU internal market. The FSR imposes suspensory filing… more

EU, European Commission, European Merger Control Regulation, Foreign Acquisitions, Foreign Direct Investment

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Wen-Yi Hua

Treasury and IRS Release Final Regulations on Direct Pay

The Inflation Reduction Act of 2022 added Section 6417 to the Internal Revenue Code of 1986, as amended (the “Code”). Under this new section, certain taxpayers may make an elective payment, which will treat certain eligible… more

Carbon Capture and Sequestration, Final Rules, Income Taxes, Inflation Reduction Act (IRA), Internal Revenue Code (IRC)

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Simon Hui

Keep Calm and Carry On: Thoughts on Recent Orders on FCPA Enforcement

What in the world is happening with enforcement of the Foreign Corrupt Practices Act (FCPA)? And what does the recent executive order (EO) and Department of Justice (DOJ) guidance mean for U.S. and global companies? Our view is… more

Anti-Corruption, Bribery, Compliance, Corporate Counsel, Corporate Governance

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Abby Hung

Credit Funds: Riding the Sea of Change

We are delighted to bring this edition of Spotlight Magazine to you after the disruption of the past two years and the COVID-19 pandemic. There has been a sea of regulatory change that has evolved during this time, masked by… more

Alternative Investment Fund Managers Directive (AIFMD), Anti-Money Laundering, Blacklist, Coronavirus/COVID-19, Corporate Governance

See all updates »

Patrick Hurley

SEC Provides Updated Guidance Reducing Burden for Rule 506(c) Verification Requirement

On March 12, 2025, the Staff of the SEC Division of Corporation Finance (the Staff) provided guidance in response to a letter requesting interpretive guidance (the No-Action Letter) to clarify the verification requirement of… more

Capital Markets, CD&I, Compliance, Investment Funds, Investors

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Emma Hutchison

Updated California and FTC Auto-Renewal Regulations Take Effect

In the fall of 2024, California and the Federal Trade Commission (FTC) amended their respective auto-renewal regulations. The amendments detail new and largely parallel disclosure, consent, and cancellation requirements for any… more

Automatic Renewals, California, Consent, Consumer Protection Laws, Contract Terms

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Talya Hutchison

Venezuela Sanctions: Wind-Down of General License 41 and Introduction of ‘Secondary Tariffs’

The dynamic pace of early policymaking by the new U.S. administration has continued into the spring of 2025, including in the context of sanctions on Venezuela. While Venezuela is not, and has not been, subject to comprehensive… more

Economic Sanctions, Executive Orders, Export Controls, General Licenses, International Trade

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Zach Hutton

California Legislature Steps in to Rewrite PAGA, Avoiding Ballot Measure

California lawmakers released their proposed amendments to California’s Private Attorneys General Act (“PAGA”) in two companion bills: SB 92 and AB 2279. The legislature must vote on the bills by June 27. While the legislature… more

Ballot Measures, Cal Code of Civil Procedure, California, Labor & Workforce Development Agency (LWDA), Labor Code

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Emma Ireland

New York State Bill Seeks to Impose Greenhouse Gas Emissions Disclosure Requirements

On January 27, 2025, N.Y Sen. Brad Hoylman-Sigal (D), introduced Senate Bill 3456 (“SB 3456”) calling for the adoption of the Climate Corporate Data Accountability Act (“CCDAA”). The bill is substantively identical to… more

California, Climate Change, Constitutional Challenges, Disclosure Requirements, Enforcement

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Brian Israel

New Mexico Passes Comprehensive Ban on PFAS in Products

On April 8, 2025, New Mexico became the third state to sign into law a comprehensive ban on the use of intentionally added per- and polyfluoroalkyl substances (PFAS) in consumer and commercial products: the “Per- and… more

Chemicals, Environmental Policies, Manufacturers, New Legislation, PFAS

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Lindsey Jackson

SCOTUS to Review Standard for Pursuit of Title VII Reverse Discrimination Cases

Following the U.S. Supreme Court’s 2023 decision in Students for Fair Admissions, Inc. v. President and Fellows of Harvard College and Students for Fair Admissions, Inc. v. University of North Carolina, reverse discrimination… more

Diversity and Inclusion Standards (D&I), Petition for Writ of Certiorari, Race Discrimination, Reverse Discrimination, SCOTUS

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Richala Jackson

Texas Ethics Opinion Clarifies Limits on Nondisparagement Clauses in Settlements

This month, the Texas Professional Ethics Committee issued Opinion No. 708, clarifying that attorneys licensed in Texas may not agree to settlement provisions that restrict their ability to practice law. The opinion interprets… more

Confidentiality Agreements, Legal Ethics, Non-Disparagement Provisions, Rules of Professional Conduct, Settlement Agreements

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Maanas Jain

PH Arbitration Speedread: English Court Sets Aside Multibillion-Dollar Award Procured by Fraud

In a significant decision, on 23 October 2023 the English Commercial Court (Knowles J) set aside a US$11 billion arbitration award obtained by a BVI-incorporated company against the Federal Republic of Nigeria arising from a… more

Arbitration, Arbitration Awards, Bribery, Compliance, Corruption

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Chris Jalian

NFL Draft Provides Wake-Up Call on Protecting Confidential Information While Working Remotely

Last week’s NFL draft highlighted more than the accomplishments of athletes at the combine or on the field. While there was extensive coverage of the merits of each player, one of the major headlines coming out of the draft… more

Confidential Information, Cybersecurity, Data Breach, Data Protection, Data Security

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Anna Janas

EU Omnibus: Adjustments to the Carbon Border Adjustment Mechanism — What Do They Mean for Businesses?

European Central Bank President Mario Draghi’s report The Future of European Competitiveness highlights the need for a regulatory environment that enhances Europe’s competitiveness and resilience. Similarly, the Budapest… more

Carbon Emissions, Climate Change, Compliance, Environmental Policies, EU

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Derwin Jenkinson

H1 2022 Energy and Infrastructure Round-up

Welcome to our H1 2022 Energy and Infrastructure Round-up. Here we share our assessment of key legal and transactional developments in the energy and infrastructure market including: •Market Activity- •Market Commentary-… more

BEIS, Divestiture, Energy Sector, Environmental Social & Governance (ESG), European Commission

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Camille Jetzer

The Net-Zero Industry Act

In order to reach its “net-zero” goals, the European Union is continuing to build out a regulatory framework focused on scaling up the investment into the manufacturing and development of “net-zero technologies”. The latest… more

Carbon Capture and Sequestration, Carbon Emissions, Clean Energy, Climate Change, Environmental Social & Governance (ESG)

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Nelson Johnson

RCRA Rules Face Hazardous Times

In an executive order issued February 19, 2025, President Donald Trump instructed federal agency heads to “initiate a process to review all regulations subject to their sole or joint jurisdiction” for purposes of “rescinding… more

Environmental Policies, Environmental Protection Agency (EPA), Executive Orders, Hazardous Substances, Hazardous Waste

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Randall Johnston

OFAC Issues New General Licenses for Venezuela, Suspending Sanctions in Certain Sectors

On October 18, 2023 the United States Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) announced a set of new authorizations under the Venezuela sanctions regime, including a temporary suspension of… more

Economic Sanctions, General Licenses, Office of Foreign Assets Control (OFAC), Oil & Gas, Presidential Elections

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Blake Jones

Key implications of the European Commission Report on the EU Securitisation Regulation for European CLO managers and investors

A new European Commission report on the functioning of the EU Securitisation Regulation addresses key uncertainties in existing interpretations of the EU Securitisation Regulation in the European CLO market. Some of the European… more

Disclosure Requirements, Environmental Social & Governance (ESG), European Banking Authority (EBA), European Commission, European Securities and Markets Authority (ESMA)

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Chris Jones

Employment Rights Bill: Crucial Updates for UK Employers Ahead of Final Commons Vote Tomorrow

As anticipated, the Employment Rights Bill (ERB) continues to evolve — the latest development being the release of an amendment paper last week. But what do these latest changes really mean for U.K. employers?… more

Compliance, Employee Rights, Employment Contract, Employment Policies, Hiring & Firing

See all updates »

Greg Jones

FERC Finalizes Rule Eliminating Cost Recovery for Reactive Rates

On October 17, 2024, the Federal Energy Regulatory Commission (FERC) issued its final rule on reactive power compensation (Order No. 904)[1], which finalized the plan outlined in its Notice of Proposed Rulemaking (NOPR) to… more

Electric Generation Suppliers, Electricity, Energy Sector, FERC, Final Rules

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Thomas Jordan

DOJ OFAC BIS Joint Compliance Note and Enhanced Coordination Highlights Increased Enforcement Risk

On July 26, 2023, the U.S. Departments of Justice, Treasury, and Commerce issued a joint compliance note (“JCN”) regarding voluntary self-disclosure (“VSD”) policies that apply to potential violations of U.S. sanctions… more

Bureau of Industry and Security (BIS), Department of Justice (DOJ), Economic Sanctions, Enforcement Actions, Export Controls

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Joanne Joseph

New DOJ FCPA Guidelines Target Cases Linked to US Strategic Interests

On June 9, U.S. Deputy Attorney General Todd Blanche issued a memorandum entitled “Guidelines for Investigations and Enforcement of the Foreign Corrupt Practices Act (FCPA),” which establishes guidelines to ensure that FCPA… more

Anti-Corruption, Bribery, Cartels, Corruption, Criminal Prosecution

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Soyoung Jung

The Supreme Court Affirms the Availability of Damages Beyond Three Years for Copyright Infringement If the Discovery Rule Applies

On May 9, 2024, the Supreme Court issued its decision in Warner Chappell Music Inc. et al. v. Nealy et al., holding that a plaintiff can seek damages for past infringement that had occurred earlier than the three-year statute of… more

Appeals, Copyright, Copyright Infringement, Copyright Litigation, Damages

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Joshua Kahane

Primary or Significant? The Impact of the Supreme Court’s Decision to Not Review Attorney-Client Privilege In Dual Purpose Communications

At some point in their careers, most in-house counsel will be asked about the application of the attorney-client privilege or work on matters in which they will have to become familiar and comfortable with the application of… more

Attorney-Client Privilege, Corporate Counsel, Criminal Investigations, Dual Purpose, Privileged Communication

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Matthias Kamber

Federal Circuit Clarifies the Scope of IPR Estoppel

The Federal Circuit recently clarified the scope of statutory estoppel that applies in District Court after the PTAB issues a final written decision in a related inter partes review (IPR). Ingenico Inc. v. IOENGINE, LLC, No… more

§315(e), Appeals, Appellate Courts, Inter Partes Review (IPR) Proceeding, Obviousness

See all updates »

Lawrence Kaplan

Preparing Banks for the Next Round of Challenges While the Sun Is Still Shining

Fifteen years ago, in the shadow of the 2008 financial crisis, Congress adopted the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), the most significant change to financial regulation since the… more

Banking Sector, Banks, Capital Requirements, Dodd-Frank, FDIC

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Alexander Kaplen

FERC Issues Landmark Transmission Planning Order

On May 13, 2024, the Federal Energy Regulatory Commission (FERC) issued Order No. 1920, its long‑awaited transmission planning and cost allocation final rule (Transmission Order) regarding proposed reforms to the regional… more

Cost Allocation, Energy Sector, FERC, Notice of Proposed Rulemaking (NOPR), OATT

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Katie Katsuki

President Trump Signs Three Executive Orders Relating to Artificial Intelligence

On July 23, 2025, just hours after releasing the AI Action Plan, President Donald Trump signed three executive orders aimed at accelerating data center construction, expanding the global reach of U.S. AI technology and… more

Artificial Intelligence, Bureau of Industry and Security (BIS), CEQ, Cybersecurity, Data Centers

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Yariv Katz

Public Company Update: Fifth Circuit Vacated Nasdaq Board Diversity Rules

On December 11, 2024, the Court of Appeals for the Fifth Circuit issued a decision in Alliance for Fair Board Recruitment v. SEC vacating the SEC’s approval of Nasdaq’s board diversity rules. The rules required tabular… more

Board of Directors, Diversity, Diversity and Inclusion Standards (D&I), Nasdaq, Public Disclosure

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Alex Kaufman

Proactive Recommendations to Private Equity Sponsors During Debt Ceiling Uncertainty

Like most other enterprises that raise and spend capital, the federal government finances its spending in part through the issuance of debt. The federal debt limit is the maximum amount of money that the federal government is… more

Acquisition Agreements, Credit Ratings, Debt Ceiling, Debt Financing, Default

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Mahmood Kawany

Ruling of the German Federal Labor Court on the Invalidity of Expiry Clauses in ESOP/VSOP - Applicability of the Ruling to MEPs

On March 19, 2025, the German Federal Labor Court ("BAG") ruled that clauses that qualify as general terms and conditions and stipulate that virtual option rights that are already vested at the time of termination of an… more

Acquisitions, Contract Terms, Corporate Governance, Employee Benefits, Employment Contract

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Brian Kay

New Mexico Passes Comprehensive Ban on PFAS in Products

On April 8, 2025, New Mexico became the third state to sign into law a comprehensive ban on the use of intentionally added per- and polyfluoroalkyl substances (PFAS) in consumer and commercial products: the “Per- and… more

Chemicals, Environmental Policies, Manufacturers, New Legislation, PFAS

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Lauren Kazen

The Verdict Is In: SuperValu Wins at Trial Despite Knowingly Submitting False Claims

In 2023, we wrote about the Supreme Court’s decision in United States ex. rel. Schutte v. SuperValu Inc. interpreting the False Claims Act’s (FCA) scienter standard to require inquiry into a defendant’s subjective knowledge… more

Breach of Contract, Centers for Medicare & Medicaid Services (CMS), Damages, Expert Testimony, False Claims Act (FCA)

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Margot Kelley

Updated California and FTC Auto-Renewal Regulations Take Effect

In the fall of 2024, California and the Federal Trade Commission (FTC) amended their respective auto-renewal regulations. The amendments detail new and largely parallel disclosure, consent, and cancellation requirements for any… more

Automatic Renewals, California, Consent, Consumer Protection Laws, Contract Terms

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Jonathan Kellner

Brazil’s Accession to the OECD – This is where the serious things begin

In June 2022, Brazil hosted a set of meetings between Latin American and OECD countries, during which economic policies, education, and productivity matters were discussed… more

Anti-Bribery, Anti-Corruption, Brazil, Economic Development, Environmental Social & Governance (ESG)

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Chris Kennerly

Reign Turns to Clouds—The Western District of Texas Fundamentally Changes Its Assignment Procedure for Patent Cases

On Monday, July 25, the Chief Judge for the Western District of Texas issued an order altering how patent cases are assigned in that District. The order implements a “random assignment” procedure that now prevents plaintiffs… more

Administrative Patent Judges, Assignments, Judges, Judicial Districts, Patent Litigation

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Gabe Khoury

Proposed SEC Custody Rule Amendments Could Drive Structural Changes in the Digital Asset Industry

The U.S. Securities and Exchange Commission (“SEC”) recently proposed amendments to its so-called custody rule[1] under the Investment Advisers Act of 1940 (“Advisers Act”). The Proposed Rule seeks to expand the range of assets… more

Custody Rule, Digital Assets, Foreign Financial Institutions (FFI), Futures Commission Merchants (FCMs), Investment Advisers Act of 1940

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Amanda Kingsley

AFME EU and UK Approaches to Greenwashing Enforcement in the Financial Market: A Comparison

The briefing contains a mapping exercise and analysis of the approach taken by the European Supervisory Authorities and the U.K.’s Financial Conduct Authority to address risks or concerns relating to such greenwashing. The… more

Climate Change, EIOPA, Enforcement Actions, Environmental Social & Governance (ESG), EU

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Stephen Kinnaird

The Post–Chevron Future: Litigating Against Administrative Agencies Following Loper and Corner Post

Over the last few weeks, the Supreme Court issued two long-awaited decisions that are each significant in their own right, but, together, will drastically reshape the future of litigation against administrative agencies—and… more

Administrative Procedure Act, Chevron Deference, Chevron v NRDC, Corner Post Inc v Board of Governors of the Federal Reserve System, Government Agencies

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Pierre Kirch

Dawning of a New Regulatory Era - the EU Digital Competition Revamp

“Digital regulation” is a legislative concept and trend which has grown exponentially in recent years and looks set to develop for many more years to come… more

Competition, Cybersecurity, Digital Marketplace, Digital Service Providers, Digital Services

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Jesse Kirsch

SVB Receivership – Considerations for Agents and Lenders

Background- On March 10, 2023, the California Department of Financial Protection and Innovation closed Silicon Valley Bank (SVB) and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for SVB… more

Agents, Bank Deposits, Banks, Board of Governors, Borrowers

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Kris Knabe

Disparate Impact Lives: Massachusetts Attacks AI in Lending

On July 10, the Massachusetts attorney general announced a $2.5 million settlement with a Delaware-based student loan company to resolve allegations that the company’s lending practices, including the use of artificial… more

Algorithms, Artificial Intelligence, Consumer Protection Laws, Discrimination, Disparate Impact

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Ilyas Knani

The Legal 500’s Restructuring & Insolvency Comparative Guide

Our London Financial Restructuring team authored the UK chapter of the 8th Edition of The Legal 500’s “Restructuring & Insolvency Comparative Guide". The guide provides information on the current issues affecting restructuring &… more

Advisory Commissions, Appropriation, Creditors, Cross-Border, CVAs (Company Voluntary Arrangements)

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Ruth Knox

Is Coordination Between Competitors Sustainable Under EU Antitrust Law?

Many expected EU Commissioner Teresa Ribera, whose remit extends to enforcing competition law and implementing the goals of the European Green Deal, to be proactive in managing the coordination between competitors through… more

Antitrust Provisions, Carbon Emissions, CMOs, Competition, EU

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Jonathan Ko

SEC Adopts Long-Awaited SPAC Rules

On January 24, 2024, nearly two years after the SEC initially proposed industry-chilling rules overhauling the treatment of special purpose acquisition companies (“SPACs”) in their IPOs and de-SPAC transactions, the SEC adopted… more

Conflicts of Interest, Corporate Counsel, Dilution, Final Rules, Financial Statements

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Leonie Koch

The Purdue Decision on Third Party Releases and Its Practical Implications

In a landmark decision that will significantly impact future reorganization plans, the Supreme Court categorically held in Harrington v. Purdue Pharma L.P., that bankruptcy courts lack the authority to approve nonconsensual… more

Bankruptcy Code, Bankruptcy Court, Chapter 11, Commercial Bankruptcy, Harrington v Purdue Pharma L P

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Catherine Kordestani

New Mini-HSR Laws Take Effect This Summer

Starting Sunday, July 27, 2025, any party to an M&A transaction that triggers a federal Hart-Scott-Rodino (HSR) Act filing must also submit a copy to the Washington attorney general if the filing party (1) maintains a principal… more

Acquisitions, Antitrust Provisions, Colorado, Filing Requirements, Hart-Scott-Rodino Act

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Jonathan Korn

CFPB Takes Steps to Supervise Digital Payments Apps

On November 7, 2023, the Consumer Financial Protection Bureau (“CFPB”) issued a proposed rule that would allow it to exercise its supervisory authority over larger nonbanks offering digital consumer payment applications, such as… more

Consumer Financial Protection Act (CFPA), Consumer Financial Protection Bureau (CFPB), Cryptocurrency, Digital Platforms, EFTA

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Alex Kosonog

Amendments to ISDA MA's Notices Provision and Treatment of CSAs

The International Swaps and Derivatives Association, Inc. (“ISDA”) has published a form of amendments to the Notices provision and the alignment of treatment of English law and New York law governed Credit Support Annexes… more

Coronavirus/COVID-19, Credit Support Annex (CSA), Force Majeure Clause, ISDA, ISDA Master Agreement

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Bethany Krystek

The California Financing Law — Commercial and Consumer Lenders Beware

Lenders or loan brokers based in California or lending to either commercial or consumer borrowers based in California are subject to the California Financing Law (CFL), which imposes licensing requirements on both lenders or… more

California, Commercial Loans, Compliance, Consumer Lenders, Department of Financial Protection and Innovation (DFPI)

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Jon Kubek

Delaware Enacts Significant Amendments to the Delaware General Corporation Law

On March 25, 2025, the Delaware General Assembly enacted amendments to the Delaware General Corporation Law (the DGCL and such amendments, the DGCL Amendments), which were subsequently signed into law by the governor of… more

Acquisitions, Board of Directors, Controlling Stockholders, Corporate Governance, Delaware General Corporation Law

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Rakhi Kumar

California Ushers in a New Wave of Employment Laws, Effective Next Year

Signing off on a busy legislative year, Governor Newsom just confirmed into law over a dozen bills from the California Legislature. As a result, many California employees will begin next year with new and enhanced rights related… more

Anti-Discrimination Policies, Anti-Harassment Policies, Anti-Retaliation Provisions, California, Crime Victims

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Peter Kuri

The California Financing Law — Commercial and Consumer Lenders Beware

Lenders or loan brokers based in California or lending to either commercial or consumer borrowers based in California are subject to the California Financing Law (CFL), which imposes licensing requirements on both lenders or… more

California, Commercial Loans, Compliance, Consumer Lenders, Department of Financial Protection and Innovation (DFPI)

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Rachel Kurzweil

Sweeping Changes to Children’s Privacy Law Will Affect Businesses

On June 23, 2025, businesses will face a new world of children’s privacy regulation, with amendments to the Children’s Online Privacy Protection Act (COPPA) imposing a host of requirements on operators. The sweeping new changes… more

COPPA, Data Collection, Data Privacy, Data Retention, Federal Trade Commission (FTC)

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Ira Kustin

Investment Funds & Private Capital Market Insights: SEC Charges Nine Investment Advisers for Advertising Hypothetical Performance to the General Public Without Adopting Policies and Procedures

On September 11, 2023 the SEC announced settlements with nine registered investment advisers (the “Advisers”) for alleged violations of the Investment Advisers Act’s new marketing rule (Rule 206(4)-1, available here, the… more

Advertising, Censures, Enforcement Actions, Investment Adviser, Investment Advisers Act of 1940

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Shera Kwak

California Supreme Court In Adolph v. Uber Has “Last Word” On PAGA Standing

The California Supreme Court’s long-awaited “last word” (for now) on statutory standing post-Viking River Cruises v. Moriana is here: a plaintiff compelled to arbitrate individual claims brought under the Private Attorneys… more

Arbitration Agreements, CA Supreme Court, Class Action, Labor Law Violations, Private Attorneys General Act (PAGA)

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Kami LaBerge

Treasury Issues Proposed Regulations on the Section 30D Clean Vehicle Tax Credit’s Foreign Entity of Concern Rules

The Inflation Reduction Act of 2022 brought about modifications to the clean vehicle tax credit available under Section 30D of the U.S. Internal Revenue Code of 1986, as amended (the “Code” and such credit, the “Clean Vehicle… more

Department of Energy (DOE), Foreign Entities, Foreign Governments, Inflation Reduction Act (IRA), Infrastructure Investment and Jobs Act (IIJA)

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Vivian Lam

The Fixed/Floating Distinction: Either Fixing a Fixed Charge or Seeing that the Floating Charge Floats, Not in Between

A lender’s decision between taking a fixed charge and taking a floating charge requires it to weigh a multitude of pros and cons. A fixed charge ranks ahead of an earlier floating charge that has not crystallized when the fixed… more

Asset Management, Charging Orders, Collateral, Debt, Financial Institutions

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Candice Lambeth

The Net-Zero Industry Act

In order to reach its “net-zero” goals, the European Union is continuing to build out a regulatory framework focused on scaling up the investment into the manufacturing and development of “net-zero technologies”. The latest… more

Carbon Capture and Sequestration, Carbon Emissions, Clean Energy, Climate Change, Environmental Social & Governance (ESG)

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Corinne Lammers

DOJ’s M&A Safe Harbor Highlights Importance of Post-Close Due Diligence and Integration

On June 16, the U.S. Department of Justice’s (DOJ’s or Department’s) National Security Division (NSD or Division) announced they had declined to prosecute the private equity firm White Deer Management LLC for violations of U.S… more

Acquisitions, Compliance, Corporate Misconduct, Department of Justice (DOJ), Due Diligence

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James Lansdown

UK Equity Capital Markets Insights — August 2025

In this edition of UK Equity Capital Markets Insights, we cover the following developments: • Consultation by the UK Takeover Panel on IPO Disclosures and Dual Class Share Structures - • The Publication of the UK FCA’s Final… more

Capital Markets, Disclosure Requirements, Dual Class Share Structures, Final Rules, Financial Conduct Authority (FCA)

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Maria Larsen

Charting a New Course: Mexico’s Legal and Financial Outlook for the Future

The upcoming administration of President-elect Claudia Sheinbaum in Mexico is poised to navigate a complex landscape marked by a need for national unity, fiscal prudence, economic stability, and continuity of progressive… more

China, Critical Infrastructure Sectors, Economic Development, Foreign Investment, Mexico

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Al Latham

NLRB Elevates Union Authorization Cards Over Secret-Ballot Elections to Compel Employers to Recognize Unions

For more than 50 years, the National Labor Relations Board had held — with Supreme Court approval — that when a union claimed to represent an employer’s workforce, the employer could refuse to recognize the union, leaving the… more

Administrative Law Judge (ALJ), Cemex, Collective Bargaining, Employees, Labor Relations

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Craig Lee

DOJ Antitrust Division Continues Focus on Conduct in Labor Markets

The Department of Justice (DOJ) Antitrust Division (Division), together with the Department of Labor (DOL) and the Federal Trade Commission (FTC), recently issued two new sources of guidance continuing the increased focus on… more

Antitrust Division, Antitrust Provisions, Antitrust Violations, Department of Justice (DOJ), Department of Labor (DOL)

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Elaine Lee

‘One Big Beautiful Bill Act’ Signed Into Law and Executive Order With Major Impacts on Clean Energy Tax Credits

On July 4, President Donald Trump signed into law the One Big Beautiful Bill Act (OBBBA), a budget reconciliation package that significantly modifies the clean energy tax credit framework established by the Inflation Reduction… more

Clean Energy, Compliance, Energy Policy, Executive Orders, Foreign Entities

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Jeff Lee

The Fixed/Floating Distinction: Either Fixing a Fixed Charge or Seeing that the Floating Charge Floats, Not in Between

A lender’s decision between taking a fixed charge and taking a floating charge requires it to weigh a multitude of pros and cons. A fixed charge ranks ahead of an earlier floating charge that has not crystallized when the fixed… more

Asset Management, Charging Orders, Collateral, Debt, Financial Institutions

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Alex Leitch

HKIAC as First and Only outside Mainland China: Named by China International Commercial Court on One-Stop Platform for Diversified International Commercial Dispute Resolution

Starting from June 22, 2022, parties to international commercial arbitrations administered by the Hong Kong International Arbitration Centre (“HKIAC”) can apply directly to the China International Commercial Court (“CICC”) for… more

Arbitration, Arbitration Awards, China, Hong Kong International Arbitration Centre (HKIAC), International Arbitration

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Stephanie Leslie

Global and Japanese ESG Market and Regulatory Trends in Respect of ESG Risk, Impact and Opportunity Management: Sifting Signal From Noise

Climate change disclosures have recently become mandatory in Japan, following amendments to the Financial Instruments Exchange Act (FIEA) and the Cabinet Office Order on Disclosure on Corporate Affairs. These require companies… more

Climate Action Plan, Corporate Social Responsibility, Disclosure, Due Diligence, Environmental Social & Governance (ESG)

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Antonin Lévy

Keep Calm and Carry On: Thoughts on Recent Orders on FCPA Enforcement

What in the world is happening with enforcement of the Foreign Corrupt Practices Act (FCPA)? And what does the recent executive order (EO) and Department of Justice (DOJ) guidance mean for U.S. and global companies? Our view is… more

Anti-Corruption, Bribery, Compliance, Corporate Counsel, Corporate Governance

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Mei Lian

The Legal 500’s Restructuring & Insolvency Comparative Guide

Our London Financial Restructuring team authored the UK chapter of the 8th Edition of The Legal 500’s “Restructuring & Insolvency Comparative Guide". The guide provides information on the current issues affecting restructuring &… more

Advisory Commissions, Appropriation, Creditors, Cross-Border, CVAs (Company Voluntary Arrangements)

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Filipe Lima

Brazil’s Accession to the OECD – This is where the serious things begin

In June 2022, Brazil hosted a set of meetings between Latin American and OECD countries, during which economic policies, education, and productivity matters were discussed… more

Anti-Bribery, Anti-Corruption, Brazil, Economic Development, Environmental Social & Governance (ESG)

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Peter Lindsay

The Verdict Is In: SuperValu Wins at Trial Despite Knowingly Submitting False Claims

In 2023, we wrote about the Supreme Court’s decision in United States ex. rel. Schutte v. SuperValu Inc. interpreting the False Claims Act’s (FCA) scienter standard to require inquiry into a defendant’s subjective knowledge… more

Breach of Contract, Centers for Medicare & Medicaid Services (CMS), Damages, Expert Testimony, False Claims Act (FCA)

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Jessica Ling

English Court Approves Enzen Part 26A Restructuring Plans in First Case With HMRC Active Support

On 25 March 2025, the English Court approved the interconditional dual restructuring plans of Enzen Global Limited and Enzen Limited (Enzen). The plans amend and extend £50 million senior secured liabilities, provide for new… more

Commercial Bankruptcy, Corporate Restructuring, Creditors, Debt Restructuring, Debtors

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Kirk Lipsey

An Eye on Insurance: Recent Developments in Insurance Regulation - UPDATED September 2024

2024 has seen a significant amount of activity by state insurance regulators and the National Association of Insurance Commissioners (the “NAIC”) including the adoption of major revisions to the regimes governing investments by… more

Artificial Intelligence, Bonds, Debt Securities, Department of Financial Services, Insurance Industry

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Michelle Liu

The CFPB Survives: Our Take on the Supreme Court Decision

On May 16, 2024, the United States Supreme Court, in a 7-2 opinion authored by Justice Clarence Thomas, upheld the constitutionality of the funding mechanism of the Consumer Financial Protection Bureau (“CFPB” or “Bureau”). In… more

Appropriation, Constitutional Challenges, Consumer Financial Products, Consumer Financial Protection Bureau (CFPB), Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd

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Patricia Liverpool

The CFTC Announces New Enforcement Advisory – Penalties, Monitors, and Admissions

On October 17, 2023, the Commodity Futures Trading Commission’s (“CFTC” or “Commission”) Division of Enforcement (“DOE”) released its latest enforcement advisory, providing guidance to CFTC staff on resolution of an enforcement… more

Aggravating Factors, CFTC, Civil Monetary Penalty, Department of Justice (DOJ), Enforcement Actions

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Hulka Lo

The Fixed/Floating Distinction: Either Fixing a Fixed Charge or Seeing that the Floating Charge Floats, Not in Between

A lender’s decision between taking a fixed charge and taking a floating charge requires it to weigh a multitude of pros and cons. A fixed charge ranks ahead of an earlier floating charge that has not crystallized when the fixed… more

Asset Management, Charging Orders, Collateral, Debt, Financial Institutions

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Kevin Logue

Delaware Court Imposes Price Bump Damages for Revlon Sales Process and Disclosure Violations

On March 15, 2023, Chancellor McCormick of the Court of Chancery in Delaware issued a post-trial opinion in a stockholder class action imposing liability upon a founder and CEO (“CEO”) for breaching Revlon sales process duties… more

Aiding and Abetting, CEOs, Change of Control, Class Action, Duty of Care

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Frank Lopez

Market Intersection: A Quarterly Look at the U.S. Credit Markets 1Q23

General market unease in the first fiscal quarter of 2023 was evident. The back-to-back collapse of two regional banks spooked investors and the effects of two federal rate increases rippled through the market. Uncertainty in… more

Banks, Bond Markets, Borrowers, Financial Institutions, Investment

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Nicole Dania Lueddeke

Sign on the Dotted Line: Compliance Certifications by CEOs and CCOs A Likely Requirement

As it continues its focus not just on enforcement, but on compliance, members of the U.S. Department of Justice have foreshadowed a sea change for Chief Executive Officers and Chief Compliance Officers in corporate resolutions:… more

Bribery, CEOs, Chief Compliance Officers, Compliance, Corporate Governance

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Robert Luskin

DOJ’s M&A Safe Harbor Highlights Importance of Post-Close Due Diligence and Integration

On June 16, the U.S. Department of Justice’s (DOJ’s or Department’s) National Security Division (NSD or Division) announced they had declined to prosecute the private equity firm White Deer Management LLC for violations of U.S… more

Acquisitions, Compliance, Corporate Misconduct, Department of Justice (DOJ), Due Diligence

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Jaime Madell

CFTC Advisory on Self-Reporting, Cooperation and Remediation: A Game-Changer for the Industry

This week, the CFTC released an Enforcement Advisory setting forth concrete guidelines for self-reporting, cooperation and remediation that will reshape how market participants report and defend potential violations… more

CFTC, Department of Justice (DOJ), Enforcement Actions, Financial Regulatory Reform, Penalties

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Aaron Mahler

The CFPB Survives: Our Take on the Supreme Court Decision

On May 16, 2024, the United States Supreme Court, in a 7-2 opinion authored by Justice Clarence Thomas, upheld the constitutionality of the funding mechanism of the Consumer Financial Protection Bureau (“CFPB” or “Bureau”). In… more

Appropriation, Constitutional Challenges, Consumer Financial Products, Consumer Financial Protection Bureau (CFPB), Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd

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Crist Malekyan

IRS and Treasury Release Final Rules for Technology-Neutral Clean Electricity Credits Under Sections 45Y and 48E

The Inflation Reduction Act of 2022 introduced the Code Section 45Y production tax credit (CEPTC) for facilities that generate clean electricity with zero greenhouse gas (GHG) emissions and the Code Section 48E investment tax… more

Clean Energy, Energy Sector, Final Rules, Greenhouse Gas Emissions, Inflation Reduction Act (IRA)

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Chris Mangin Jr.

REIT All About It: One Big Beautiful Bill — Tax Updates for REITs

On July 4, 2025, President Donald Trump signed the One Big Beautiful Bill Act (OBBBA) into law, following the approval of Congress. OBBBA contains the following compelling updates from a real estate investment trust (REIT)… more

Business Taxes, Corporate Taxes, EBITDA, Income Taxes, Investment

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Kwame Manley

New DOJ FCPA Guidelines Target Cases Linked to US Strategic Interests

On June 9, U.S. Deputy Attorney General Todd Blanche issued a memorandum entitled “Guidelines for Investigations and Enforcement of the Foreign Corrupt Practices Act (FCPA),” which establishes guidelines to ensure that FCPA… more

Anti-Corruption, Bribery, Cartels, Corruption, Criminal Prosecution

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Steven Marenberg

The Supreme Court Affirms the Availability of Damages Beyond Three Years for Copyright Infringement If the Discovery Rule Applies

On May 9, 2024, the Supreme Court issued its decision in Warner Chappell Music Inc. et al. v. Nealy et al., holding that a plaintiff can seek damages for past infringement that had occurred earlier than the three-year statute of… more

Appeals, Copyright, Copyright Infringement, Copyright Litigation, Damages

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Renato Mariotti

White House Issues Digital Asset Report, SEC Chair Declares Most Crypto Assets Are Not Securities and CFTC Advances Spot Market Push

Last week, the White House released a landmark report on digital financial technology, signaling a coordinated federal push to modernize crypto regulation. The report, issued by the President’s Working Group on Digital Assets,… more

Anti-Money Laundering, Blockchain, CFTC, Cryptoassets, Cryptocurrency

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Michael Marusak

CFPB Takes Steps to Supervise Digital Payments Apps

On November 7, 2023, the Consumer Financial Protection Bureau (“CFPB”) issued a proposed rule that would allow it to exercise its supervisory authority over larger nonbanks offering digital consumer payment applications, such as… more

Consumer Financial Protection Act (CFPA), Consumer Financial Protection Bureau (CFPB), Cryptocurrency, Digital Platforms, EFTA

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Mehran Massih

EU Omnibus: Adjustments to the Carbon Border Adjustment Mechanism — What Do They Mean for Businesses?

European Central Bank President Mario Draghi’s report The Future of European Competitiveness highlights the need for a regulatory environment that enhances Europe’s competitiveness and resilience. Similarly, the Budapest… more

Carbon Emissions, Climate Change, Compliance, Environmental Policies, EU

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Jacqueline May

FinCEN Proposes AML and SAR Filing Obligations for RIAs and ERAs

On February 13, 2024, the United States Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued a proposed rule that would apply comprehensive anti-money laundering and countering the financing of terrorism (“AML/CFT”)… more

AML/CFT, Anti-Money Laundering, Bank Holding Company, Bank Secrecy Act, Broker-Dealer

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Johanna Mayer

Reform Attempt to Soften the Written Form Requirement for Commercial Lease Agreements

Lease agreements with a term of more than one year are currently subject to a written form requirement under the German Civil Code. For years, there have been ongoing discussions about a potential abolition of the written form… more

Commercial Leases, Commercial Property Owners, Commercial Tenants, Contract Terms, Purchasers

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Ryan McGill

Developments in Employee Mobility: California’s SB 699, New York’s 203-f and FTC/DOL Collaboration

Employers take note: a series of recent developments could impact employment agreements across the country. SB 699: A New Addition to California Non-Compete Law- Under California Business and Professions Code Section… more

Assignment of Inventions, California, Collaboration, Department of Labor (DOL), Employer Liability Issues

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Jenna McGrath

Federal Energy Regulatory Commission Issues Final Rule Overhauling Interconnection Procedures

On July 28, 2023, in its first major overhaul of its standardized interconnection rules, procedures, and agreements since issuing Order No. 2003 20 years ago, the Federal Energy Regulatory Commission (Commission or FERC) issued… more

Electric Generation Suppliers, Energy Sector, FERC, Interconnections, Notice of Proposed Rulemaking (NOPR)

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Steve McIntyre

Residency Match Programs for Healthcare Professionals Come Under Antitrust Scrutiny

In recent months, private class action lawsuits have challenged residency match programs for pharmacists and veterinarians under antitrust laws. In addition, a congressional subcommittee has begun an inquiry into the residency… more

Antitrust Litigation, Antitrust Violations, Class Action, Competition, Enforcement Actions

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Ally McKechnie

The Net-Zero Industry Act

In order to reach its “net-zero” goals, the European Union is continuing to build out a regulatory framework focused on scaling up the investment into the manufacturing and development of “net-zero technologies”. The latest… more

Carbon Capture and Sequestration, Carbon Emissions, Clean Energy, Climate Change, Environmental Social & Governance (ESG)

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Ker Medero

Safe Harbor in the Coming Enforcement Storm? DOJ Announces New M&A Policy to Encourage Compliance

On October 4, 2023, Deputy Attorney General Lisa Monaco (the “DAG”) announced a new Mergers & Acquisitions (“M&A”) Safe Harbor Policy issued by the Department of Justice (“DOJ”) as part of her comments detailing increased… more

Anti-Corruption, Antitrust Division, Compliance, Corporate Governance, Corporate Misconduct

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Amit Mehta

Proactive Recommendations to Private Equity Sponsors During Debt Ceiling Uncertainty

Like most other enterprises that raise and spend capital, the federal government finances its spending in part through the issuance of debt. The federal debt limit is the maximum amount of money that the federal government is… more

Acquisition Agreements, Credit Ratings, Debt Ceiling, Debt Financing, Default

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Jessica Mendelson

Recent Developments Affecting Non-Competes and Employee Mobility

Employers take note: a series of recent developments could impact the way that companies across the country handle non-competition restrictions and retention rules. First, recent developments in the legal challenges to the FTC’s… more

Employer Liability Issues, Federal Trade Commission (FTC), NLRA, NLRB, Non-Compete Agreements

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Grissel Mercado

Charting a New Course: Mexico’s Legal and Financial Outlook for the Future

The upcoming administration of President-elect Claudia Sheinbaum in Mexico is poised to navigate a complex landscape marked by a need for national unity, fiscal prudence, economic stability, and continuity of progressive… more

China, Critical Infrastructure Sectors, Economic Development, Foreign Investment, Mexico

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John Michels

The Bybit Hack of 2025 — Potential Implications

On February 21, 2025, Dubai-based Bybit, one of the world’s leading cryptocurrency exchanges, suffered a massive security breach, resulting in the loss of approximately $1.5 billion in Ethereum (ETH). The incident, which is… more

Anti-Money Laundering, Cryptocurrency, Cyber Attacks, Cybersecurity, Data Breach

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Jennifer Milazzo

[Webinar] Expanded Pay Transparency and Reporting Laws Nationwide: What Your Company Needs To Know - October 27th, 10:00 am - 11:00 am PDT

California, New York City, Colorado, and Washington state recently have expanded or changed pay transparency and reporting laws, providing employees and applicants with greater access to pay data, and posing more risk for… more

Employer Liability Issues, Hiring & Firing, Job Applicants, Pay Data, Pay Transparency

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Morgan Miller

New DOJ FCPA Guidelines Target Cases Linked to US Strategic Interests

On June 9, U.S. Deputy Attorney General Todd Blanche issued a memorandum entitled “Guidelines for Investigations and Enforcement of the Foreign Corrupt Practices Act (FCPA),” which establishes guidelines to ensure that FCPA… more

Anti-Corruption, Bribery, Cartels, Corruption, Criminal Prosecution

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Zach Milloy

AIFMD Annual Report Deadline Approaching

Both EU and non-EU fund managers marketing a fund in the EU or the UK (either under an EU marketing passport or the relevant national placement regimes) are required to prepare an AIFMD-compliant annual report within six months… more

Alternative Investment Fund Managers Directive (AIFMD), Annual Reports, Disclosure Requirements, EU, Filing Deadlines

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Carl Minniti III

New Decision Addresses Whether Transcription Error in Prior Art Supports Obviousness

More than 50 years ago, the Court of Customs and Patent Appeals (CCPA) in In re Yale, 434 F.2d 666 (C.C.P.A. 1970), held that where a prior art reference includes an obvious error of a typographical or similar nature that would… more

Appeals, Board of Patent Appeals, Inter Partes Review (IPR) Proceeding, Obviousness, Patent Trial and Appeal Board

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Diala Minott

HM Treasury and FCA Open Consultation to Reform the UK AIFMD

On 7 April 2025, HM Treasury published a consultation to overhaul the UK Alternative Investment Fund Managers regime. That same day, the Financial Conduct Authority (FCA) published a call for input outlining its intended… more

Alternative Investment Fund Managers Directive (AIFMD), Asset Management, Financial Conduct Authority (FCA), Financial Regulatory Reform, Fund Managers

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Maksim Mints

Federal Circuit Clarifies the Scope of IPR Estoppel

The Federal Circuit recently clarified the scope of statutory estoppel that applies in District Court after the PTAB issues a final written decision in a related inter partes review (IPR). Ingenico Inc. v. IOENGINE, LLC, No… more

§315(e), Appeals, Appellate Courts, Inter Partes Review (IPR) Proceeding, Obviousness

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Naveen Modi

Federal Circuit Clarifies the Scope of IPR Estoppel

The Federal Circuit recently clarified the scope of statutory estoppel that applies in District Court after the PTAB issues a final written decision in a related inter partes review (IPR). Ingenico Inc. v. IOENGINE, LLC, No… more

§315(e), Appeals, Appellate Courts, Inter Partes Review (IPR) Proceeding, Obviousness

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Nina Moffatt

HM Treasury and FCA Open Consultation to Reform the UK AIFMD

On 7 April 2025, HM Treasury published a consultation to overhaul the UK Alternative Investment Fund Managers regime. That same day, the Financial Conduct Authority (FCA) published a call for input outlining its intended… more

Alternative Investment Fund Managers Directive (AIFMD), Asset Management, Financial Conduct Authority (FCA), Financial Regulatory Reform, Fund Managers

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Matt Monforte

The Consequential Impact of the Supreme Court’s Monumental Ruling in SEC v. Jarkesy

On June 27, 2024, the Supreme Court of the United States issued its decision in SEC v. Jarkesy, holding that the Securities and Exchange Commission (“SEC”) must prosecute securities fraud before a federal court whenever it seeks… more

Administrative Law Judge (ALJ), Article III, Consumer Financial Protection Bureau (CFPB), Dodd-Frank, Federal Rules of Civil Procedure

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Ryan Montefusco

The Purdue Decision on Third Party Releases and Its Practical Implications

In a landmark decision that will significantly impact future reorganization plans, the Supreme Court categorically held in Harrington v. Purdue Pharma L.P., that bankruptcy courts lack the authority to approve nonconsensual… more

Bankruptcy Code, Bankruptcy Court, Chapter 11, Commercial Bankruptcy, Harrington v Purdue Pharma L P

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Jessica Montes

Recent Whistleblower Activity Increases Pressure on Internal Reporting and Investigation Mechanisms

On May 5, 2023, the Securities and Exchange Commission (“SEC”) granted its largest-ever whistleblower award of $279M to an individual, reportedly stemming from Ericsson’s $1.1B settlement to resolve claims that the… more

Department of Justice (DOJ), Dodd-Frank, Enforcement Actions, False Claims Act (FCA), Foreign Corrupt Practices Act (FCPA)

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Nick Morgan

Kraken Consents to SEC Injunction and Ceases Marketing its Staking-as-a-Service Program

In a headline-grabbing action, the Securities and Exchange Commission (“SEC”) announced on February 9 that it had instituted and settled an enforcement action against Kraken, a large crypto trading platform, in which it alleged… more

Cryptocurrency, Digital Assets, Enforcement Actions, Howey, Popular

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Sharon Mori

DOL Releases Final Regulation with Respect to ESG Investing

Over the last few years, the U.S. Department of Labor’s (the “DOL”) guidance and rulemaking with respect to considering environmental, social, and governance (“ESG”) factors in Employee Retirement Security Act of 1974, as… more

401k, Department of Labor (DOL), Employee Retirement Income Security Act (ERISA), Environmental Social & Governance (ESG), Investment Management

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Melanie Morlane

What’s Next for French Offshore Wind Power? Blowin’ in the Wind

Is stormy weather on the horizon for the offshore wind energy industry? The combination of rising supply costs, increased interest rates and significant execution risk has hurt the profitability of projects and led some energy… more

Energy Policy, Energy Projects, Energy Sector, EU, France

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Georgina Morris

ICO Annual Report Provides Insight Into Data Protection Risks for Businesses

The UK Information Commissioner’s Office’s (the ICO’s) latest Annual Report summarises its accomplishments and priorities, including last year’s enforcement actions. Based on our review of the report, we see the ICO focusing, or… more

Artificial Intelligence, Biometric Information, Compliance, Corporate Counsel, Cybersecurity

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Madeleine Moss

Federal Circuit Axes Years of ‘Domestic Industry’ Precedent in ITC § 1337 Investigations

The Court of Appeals for the Federal Circuit (CAFC) has taken an axe to years of precedent in § 1337 investigations at the International Trade Commission (ITC). The ITC has long denied “mere importers” the protection of § 1337… more

Appeals, Enforcement Actions, Intellectual Property Protection, International Trade Commission (ITC), Patent Litigation

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Claire Saba Murphy

The Department of Justice’s Latest Guidance for Recipients of Federal Funding Regarding Unlawful Discrimination

Following President Donald Trump’s issuance in January 2025 of the “Ending Illegal Discrimination and Restoring Merit-Based Opportunity” executive order, which sought to curb “illegal” diversity, equity and inclusion (DEI)… more

Anti-Discrimination Policies, Civil Rights Act, Department of Justice (DOJ), Diversity and Inclusion Standards (D&I), Employment Discrimination

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James Dan LeDuc Murray

Virginia Expands Noncompete Ban for Low-Wage Employees

Virginia has expanded its limited prohibitions on the use of noncompetition agreements for “low-wage employees,” which have been in place since 2020. On March 24, 2025, Virginia Gov. Glenn Youngkin signed Virginia Senate Bill… more

Employee Rights, Employees, Employer Responsibilities, Fair Labor Standards Act (FLSA), New Legislation

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Michael Murray

New Mini-HSR Laws Take Effect This Summer

Starting Sunday, July 27, 2025, any party to an M&A transaction that triggers a federal Hart-Scott-Rodino (HSR) Act filing must also submit a copy to the Washington attorney general if the filing party (1) maintains a principal… more

Acquisitions, Antitrust Provisions, Colorado, Filing Requirements, Hart-Scott-Rodino Act

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Hunter Nagai

New Trump Administration Tariffs Fundamentally Change Global Trading System, Raise Commercial and Compliance Risks

On April 2, 2025, the Trump administration announced the rollout of its “Reciprocal Tariff Policy,” which on April 5 will effect a blanket 10% ad valorem duty on all articles imported into the U.S. from approximately 185… more

Department of Justice (DOJ), Economic Sanctions, Executive Orders, False Claims Act (FCA), Imports

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Sripriya Narasimhan

Congressional Oversight: Why the Minority Still Matters

Republicans currently control the White House and both chambers of Congress. As the majority power controlling both the House and Senate, the GOP holds the reins of the congressional oversight and investigations agenda… more

Congressional Investigations & Hearings, Congressional Oversight, Legislative Agendas, Political Campaigns, Political Candidates

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Michael Nathin

Update: Senate Finance Committee Releases Its Version of Section 899 of the One Big Beautiful Bill

On May 22, the U.S. House of Representatives voted to approve the One Big Beautiful Bill (the House Bill), which contained a new addition to the U.S. Internal Revenue Code — Section 899 (House Bill Section 899). On June 16, the… more

Base Erosion and Anti-Abuse Tax (BEAT), Foreign Corporations, Foreign Tax, Income Taxes, Internal Revenue Code (IRC)

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Lizzie Neuburger

The Department of Justice’s Latest Guidance for Recipients of Federal Funding Regarding Unlawful Discrimination

Following President Donald Trump’s issuance in January 2025 of the “Ending Illegal Discrimination and Restoring Merit-Based Opportunity” executive order, which sought to curb “illegal” diversity, equity and inclusion (DEI)… more

Anti-Discrimination Policies, Civil Rights Act, Department of Justice (DOJ), Diversity and Inclusion Standards (D&I), Employment Discrimination

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Lisa Nguyen

Federal Circuit Clarifies the Scope of IPR Estoppel

The Federal Circuit recently clarified the scope of statutory estoppel that applies in District Court after the PTAB issues a final written decision in a related inter partes review (IPR). Ingenico Inc. v. IOENGINE, LLC, No… more

§315(e), Appeals, Appellate Courts, Inter Partes Review (IPR) Proceeding, Obviousness

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Daniel Nicholas

One Big Beautiful Bill Act — A Private Equity Perspective

On July 4, President Donald Trump signed into law the One Big Beautiful Bill Act (OBBBA). This alert summarizes the key changes under the OBBBA relevant to private equity sponsors and their investors, as well as some of the… more

Bonus Depreciation, Business Taxes, Carried Interest, EBITDA, Interest Rates

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Andrew Armen Nizamian

Seven Things to Know About California’s New Crypto Licensing Bill

As the world’s fifth-largest economy, the state of California plays a critical role in technological innovation globally, including in the areas of blockchain and financial technology. However, until now, the California… more

Blockchain, California, Department of Financial Protection and Innovation (DFPI), Digital Assets, Financial Services Industry

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John Nowak

SEC Issues Updated FAQ on Marketing Rule

Recently published guidance by the SEC staff from the Division of Investment Management (the “Staff”) is likely to have a significant impact on marketing materials prepared by investment advisers marketing new private funds. The… more

Division of Investment Management, Investment Adviser, Investment Funds, Management Fees, Marketing

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Aja Nunn

FTC Proposes Ban on Non-Competes: What Employers Need to Know

On January 5, 2023, the Federal Trade Commission (“FTC”) announced a proposed regulation that would ban non-compete agreements between workers and employers, with some limited exceptions (the “Proposed Rule”). The Proposed Rule… more

Employment Contract, Executive Orders, Federal Trade Commission (FTC), FTC Act, Joe Biden

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Vanessa Omoroghomwan

The Fifth Circuit Vacates the SEC’s Private Fund Rules - Stay Current June 2024

On June 5, 2024, the U.S. Court of Appeals for the Fifth Circuit vacated—in their entirety—the controversial private fund reforms adopted by the Securities and Exchange Commission (the “SEC”) in August 2023 (collectively, the… more

Fund Managers, Investment Advisers Act of 1940, Private Funds, Securities and Exchange Commission (SEC), Trade Associations

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Joseph Opich

One Big Beautiful Bill Act — A Private Equity Perspective

On July 4, President Donald Trump signed into law the One Big Beautiful Bill Act (OBBBA). This alert summarizes the key changes under the OBBBA relevant to private equity sponsors and their investors, as well as some of the… more

Bonus Depreciation, Business Taxes, Carried Interest, EBITDA, Interest Rates

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Alexandro Padres

Charting a New Course: Mexico’s Legal and Financial Outlook for the Future

The upcoming administration of President-elect Claudia Sheinbaum in Mexico is poised to navigate a complex landscape marked by a need for national unity, fiscal prudence, economic stability, and continuity of progressive… more

China, Critical Infrastructure Sectors, Economic Development, Foreign Investment, Mexico

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Joseph Palys

Federal Circuit Clarifies the Scope of IPR Estoppel

The Federal Circuit recently clarified the scope of statutory estoppel that applies in District Court after the PTAB issues a final written decision in a related inter partes review (IPR). Ingenico Inc. v. IOENGINE, LLC, No… more

§315(e), Appeals, Appellate Courts, Inter Partes Review (IPR) Proceeding, Obviousness

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Bhavesh Panchal

HM Treasury and FCA Open Consultation to Reform the UK AIFMD

On 7 April 2025, HM Treasury published a consultation to overhaul the UK Alternative Investment Fund Managers regime. That same day, the Financial Conduct Authority (FCA) published a call for input outlining its intended… more

Alternative Investment Fund Managers Directive (AIFMD), Asset Management, Financial Conduct Authority (FCA), Financial Regulatory Reform, Fund Managers

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Dennis Pangindian

New OIG Developments Provide Additional Avenues for Feedback and Compliance Guidance

In recent months, the Department of Health and Human Services, Office of Inspector General (“OIG” or “the agency”) announced two major developments in its effort to provide enhanced health care and life sciences industry… more

Anti-Kickback Statute, Civil Monetary Penalty, Department of Health and Human Services (HHS), Department of Justice (DOJ), Healthcare Fraud

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Young Park

The Federal Circuit Addresses Equitable Remedies and Defenses Against Patent Owners For Their Misconduct Before the District Court and the PTO

The Federal Circuit’s decision in Luv N’ Care v. Laurain (April 12, 2024) addresses the legal standards for remedying egregious forms of deceptive conduct by patent owners through the equitable barring of relief and patent… more

Deceptive Intent, Inequitable Conduct, Infringement, Injunctions, Patent Infringement

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Christian Parker

Key implications of the European Commission Report on the EU Securitisation Regulation for European CLO managers and investors

A new European Commission report on the functioning of the EU Securitisation Regulation addresses key uncertainties in existing interpretations of the EU Securitisation Regulation in the European CLO market. Some of the European… more

Disclosure Requirements, Environmental Social & Governance (ESG), European Banking Authority (EBA), European Commission, European Securities and Markets Authority (ESMA)

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Renata Parras

Good Governance and The Future Scope of Human Rights Due Diligence

As we transition into an era of human rights due diligence mandated by regulation, many in the business and human rights community are nervously asking the same question. Will a company’s steps to identify and address actual and… more

Corruption, Due Diligence, EU, European Commission, European Parliament

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Ken Pasquale

The Purdue Decision on Third Party Releases and Its Practical Implications

In a landmark decision that will significantly impact future reorganization plans, the Supreme Court categorically held in Harrington v. Purdue Pharma L.P., that bankruptcy courts lack the authority to approve nonconsensual… more

Bankruptcy Code, Bankruptcy Court, Chapter 11, Commercial Bankruptcy, Harrington v Purdue Pharma L P

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Charles Patrizia

Finance in Five Minutes: Healthcare Finance Checkup

While mergers and acquisitions, and attendant financings may not be at a blistering pace globally, the prognosis for deal activity in the healthcare sector remains healthy, in particular as the consolidation of providers, the… more

Centers for Medicare & Medicaid Services (CMS), Department of Health and Human Services (HHS), Department of Justice (DOJ), Federal Trade Commission (FTC), Food and Drug Administration (FDA)

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Camille Paulhac

Is Coordination Between Competitors Sustainable Under EU Antitrust Law?

Many expected EU Commissioner Teresa Ribera, whose remit extends to enforcing competition law and implementing the goals of the European Green Deal, to be proactive in managing the coordination between competitors through… more

Antitrust Provisions, Carbon Emissions, CMOs, Competition, EU

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Jesselyn C. Pe

Clock is Ticking: 1-Year until DSCSA’s Enhanced Drug Distribution Security Requirements Take Effect

Ten years in the making, and full implementation is finally coming. In about a year—beginning on November 27, 2023—prescription drug manufacturers and their supply chain partners will be required to fully trace and verify… more

Drug Distribution, DSCSA, Food and Drug Administration (FDA), Manufacturers, Pharmaceutical Industry

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Bo Pearl

Antitrust Lawsuits Accuse Insurers of Conspiring to Deny Fire Insurance to California Homeowners

On April 18, 2025, law firms representing California homeowners filed a pair of lawsuits accusing dozens of insurance companies of conspiring to deny property insurance to homeowners in fire-prone areas of California, including… more

Antitrust Litigation, Antitrust Violations, California, Class Action, Denial of Insurance Coverage

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Thomas Peeney

SEC Signals Adoption of Innovative Co-Investment Exemptive Relief

The Securities and Exchange Commission’s Division of Investment Management (SEC) recently issued public notices indicating its imminent decision to grant several applications for a new form of exemptive relief for certain… more

Board of Directors, Investment Company Act of 1940, Investment Funds, Investment Management, Policies and Procedures

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Ryan Phair

Residency Match Programs for Healthcare Professionals Come Under Antitrust Scrutiny

In recent months, private class action lawsuits have challenged residency match programs for pharmacists and veterinarians under antitrust laws. In addition, a congressional subcommittee has begun an inquiry into the residency… more

Antitrust Litigation, Antitrust Violations, Class Action, Competition, Enforcement Actions

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Jonathan Pickworth

European Sanctions: A Renewed Strength on Confiscation of Assets and the Fight against Sanctions Evasion

Since last February, Russia’s invasion of Ukraine has led to a series of restrictive measures against Russian and Belarusian individuals and companies, as well as sectoral measures some of which date back to 2014. The… more

Asset Recovery, Belarus, Economic Sanctions, EU, European Commission

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Emily Pidot

Supreme Court Rejects ‘Background Circumstances’ Rule for Title VII Claims Brought by Members of Majority Groups

On June 5, the Supreme Court decided Ames v. Ohio Department of Youth Services, holding unanimously that members of majority groups suing their employers under Title VII of the Civil Rights Act of 1964 (Title VII) are not… more

Ames v Ohio Department of Youth Services, Department of Justice (DOJ), Employment Discrimination, Employment Litigation, Equal Employment Opportunity Commission (EEOC)

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Noah Pinegar

New Draft Antitrust Merger Guidelines Seek to Turn Screws on Merging Parties

The Department of Justice Antitrust Division and Federal Trade Commission issued new draft Merger Guidelines on July 19 that aim to significantly increase scrutiny of merger activity. The new Merger Guidelines would replace… more

Anti-Competitive, Antitrust Provisions, Department of Justice (DOJ), Draft Guidance, Federal Trade Commission (FTC)

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Ryan Michael Poitras

A Victory for Deal Certainty: Reasonable Best Efforts Covenants Should be Taken Seriously

The recent decision of the Delaware Court of Chancery in Desktop Metal, Inc. v. Nano Dimension Ltd. and Nano USI I, Inc. provides valuable lessons for both sellers and buyers on deal certainty and reasonable best efforts… more

Acquisitions, Breach of Contract, CFIUS, Contract Disputes, Contract Terms

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Marisa Polowitz

Colorado Imposes New Privacy Requirements on Organizations Collecting Biometric Identifiers and Data

New biometric protections went into effect in Colorado on July 1. The Colorado Act on biometric identifiers and biometric data (the Act), House Bill 24-1130, amends the existing Colorado Privacy Act (CPA) (CO Rev Stat § 6-1-1301… more

Biometric Information, Biometric Information Privacy Act, Colorado, Data Privacy, Disclosure Requirements

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Helena Potts

The Legal 500’s Restructuring & Insolvency Comparative Guide

Our London Financial Restructuring team authored the UK chapter of the 8th Edition of The Legal 500’s “Restructuring & Insolvency Comparative Guide". The guide provides information on the current issues affecting restructuring &… more

Advisory Commissions, Appropriation, Creditors, Cross-Border, CVAs (Company Voluntary Arrangements)

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Brianne Powers

The Changing Cyber Threat Landscape and Lessons Learned From Data Breaches

Last month, Paul Hastings sponsored the Cybersecurity Law Workshop at the Spring Privacy & Security Forum held at George Washington University in Washington, D.C. The Cybersecurity Law Workshop featured three panels of experts… more

Cyber Attacks, Cyber Threats, Cybersecurity, Data Breach, Data Security

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Evan Preminger

RCRA Rules Face Hazardous Times

In an executive order issued February 19, 2025, President Donald Trump instructed federal agency heads to “initiate a process to review all regulations subject to their sole or joint jurisdiction” for purposes of “rescinding… more

Environmental Policies, Environmental Protection Agency (EPA), Executive Orders, Hazardous Substances, Hazardous Waste

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Matthew Previn

The CFPB Survives: Our Take on the Supreme Court Decision

On May 16, 2024, the United States Supreme Court, in a 7-2 opinion authored by Justice Clarence Thomas, upheld the constitutionality of the funding mechanism of the Consumer Financial Protection Bureau (“CFPB” or “Bureau”). In… more

Appropriation, Constitutional Challenges, Consumer Financial Products, Consumer Financial Protection Bureau (CFPB), Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd

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Daniel Prince

Congressional Oversight: Why the Minority Still Matters

Republicans currently control the White House and both chambers of Congress. As the majority power controlling both the House and Senate, the GOP holds the reins of the congressional oversight and investigations agenda… more

Congressional Investigations & Hearings, Congressional Oversight, Legislative Agendas, Political Campaigns, Political Candidates

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Joseph Profaizer

With Japan's Ratification, the Singapore Mediation Convention Gains International Momentum

On October 1, 2023, Japan became the twelfth nation to ratify the United Nations Convention on International Settlement Agreements Resulting from Mediation (the “Singapore Convention”). Pursuant to Japanese domestic legislation,… more

International Arbitration, International Litigation, Japan, Mediation, Ratification

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Lucas Rachuba

One Big Beautiful Bill Act — A Private Equity Perspective

On July 4, President Donald Trump signed into law the One Big Beautiful Bill Act (OBBBA). This alert summarizes the key changes under the OBBBA relevant to private equity sponsors and their investors, as well as some of the… more

Bonus Depreciation, Business Taxes, Carried Interest, EBITDA, Interest Rates

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Jason Raeburn

ICO Annual Report Provides Insight Into Data Protection Risks for Businesses

The UK Information Commissioner’s Office’s (the ICO’s) latest Annual Report summarises its accomplishments and priorities, including last year’s enforcement actions. Based on our review of the report, we see the ICO focusing, or… more

Artificial Intelligence, Biometric Information, Compliance, Corporate Counsel, Cybersecurity

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Jeff Ramsay

SEC Staff Extends Accommodations to File Confidential Draft Registration Statements: A Small Gift for Certain Issuers Under Certain Circumstances

On March 3, 2025, the Staff of the SEC Division of Corporation Finance expanded the categories of issuer that may submit draft registration statements confidentially for review by the SEC, effective immediately. Confidential… more

Capital Markets, Disclosure Requirements, Initial Public Offering (IPO), Publicly-Traded Companies, Registration Statement

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Josh Ratner

Check-Up and Diagnosis: The Ongoing Scrutiny of Private Equity Healthcare Investments

In 2024 alone, over 676 private equity firms and related investors acquired healthcare companies or related assets. The growing influence of private equity in the healthcare industry has not gone unnoticed on either of the… more

Acquisitions, Antitrust Provisions, Department of Justice (DOJ), Enforcement Actions, False Claims Act (FCA)

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Phil Raucci

Court Rules in California Climate Disclosure Case: Laws Remain in Flux

A year after California enacted some of the nation’s most sweeping climate disclosure laws, a United States District Court issued an important ruling related to one of several challenges to these laws. The district court denied… more

California, CARB, Climate Action Plan, Disclosure Requirements, Environmental Social & Governance (ESG)

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Mark Raymond

SEC Enforcement Continues Thematic Focus on Hypothetical Performance

The SEC charged five more registered investment advisers with violating the Investment Advisers Act’s Marketing Rule by advertising hypothetical performance on their websites without adopting appropriate policies and procedures,… more

Enforcement Actions, Financial Adviser, Investment Adviser, Marketing, Registered Investment Advisors

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Kristofer Readling

White House Issues Digital Asset Report, SEC Chair Declares Most Crypto Assets Are Not Securities and CFTC Advances Spot Market Push

Last week, the White House released a landmark report on digital financial technology, signaling a coordinated federal push to modernize crypto regulation. The report, issued by the President’s Working Group on Digital Assets,… more

Anti-Money Laundering, Blockchain, CFTC, Cryptoassets, Cryptocurrency

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Michelle Reed

ICO Annual Report Provides Insight Into Data Protection Risks for Businesses

The UK Information Commissioner’s Office’s (the ICO’s) latest Annual Report summarises its accomplishments and priorities, including last year’s enforcement actions. Based on our review of the report, we see the ICO focusing, or… more

Artificial Intelligence, Biometric Information, Compliance, Corporate Counsel, Cybersecurity

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Sarah Reeves

FTC Announces Publication Date for Expansive and Unprecedented Non-compete Ban

As stated in original Client Alert, on April 23, 2024, the Federal Trade Commission (FTC) adopted a Non‑Compete Clause Rule (the “Rule”) prohibiting most employee non-compete agreements as unfair methods of competition. The FTC… more

Chamber of Commerce, Federal Register, Federal Trade Commission (FTC), Final Rules, Non-Compete Agreements

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Adam Reich

Biometrics Litigation Update: First Class Action Complaint Filed Under Washington’s My Health My Data Act — Is Your Company Ready?

On February 10, 2025, the first class action complaint was filed under Washington state’s My Health My Data Act (“MHMDA”), over a year after the law was passed. See Maxwell v. Amazon.com, Inc. et al., Case No. 2:25-cv-261 (W.D… more

Biometric Information, Class Action, Compliance, Consumer Privacy Rights, Data Collection

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Aaron Reuben

California Pushes ‘Abundance’ Agenda With Major CEQA Reforms for Housing and Select Infrastructure

On June 30, California Governor Gavin Newsom signed two budget trailer bills that deliver the most significant and sweeping reform of the California Environmental Quality Act (CEQA) in the 55-year history of this far-reaching… more

Affordable Housing, California, CEQA Reform, Environmental Litigation, Housing Developers

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Kecia Reynolds

Federal Circuit Axes Years of ‘Domestic Industry’ Precedent in ITC § 1337 Investigations

The Court of Appeals for the Federal Circuit (CAFC) has taken an axe to years of precedent in § 1337 investigations at the International Trade Commission (ITC). The ITC has long denied “mere importers” the protection of § 1337… more

Appeals, Enforcement Actions, Intellectual Property Protection, International Trade Commission (ITC), Patent Litigation

See all updates »

Tim Reynolds

Delaware Enacts Significant Amendments to the Delaware General Corporation Law

On March 25, 2025, the Delaware General Assembly enacted amendments to the Delaware General Corporation Law (the DGCL and such amendments, the DGCL Amendments), which were subsequently signed into law by the governor of… more

Acquisitions, Board of Directors, Controlling Stockholders, Corporate Governance, Delaware General Corporation Law

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Charlotte Rice

Credit Funds: Riding the Sea of Change

We are delighted to bring this edition of Spotlight Magazine to you after the disruption of the past two years and the COVID-19 pandemic. There has been a sea of regulatory change that has evolved during this time, masked by… more

Alternative Investment Fund Managers Directive (AIFMD), Anti-Money Laundering, Blacklist, Coronavirus/COVID-19, Corporate Governance

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Brian Richards

Proactive Recommendations to Private Equity Sponsors During Debt Ceiling Uncertainty

Like most other enterprises that raise and spend capital, the federal government finances its spending in part through the issuance of debt. The federal debt limit is the maximum amount of money that the federal government is… more

Acquisition Agreements, Credit Ratings, Debt Ceiling, Debt Financing, Default

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Dan Richards

New California Regulations on Employers' Use of AI to Make Decisions Go Into Effect Oct. 1, 2025

Earlier this year, the California’s Civil Rights Council (CRC), a branch of the California Civil Rights Department, approved the final text of new regulations to address employers’ lawful use of artificial intelligence (AI) and… more

Artificial Intelligence, Automated Decision Systems (ADS), California, Disability Discrimination, Disparate Impact

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Jennifer Riddle

Safe Harbor in the Coming Enforcement Storm? DOJ Announces New M&A Policy to Encourage Compliance

On October 4, 2023, Deputy Attorney General Lisa Monaco (the “DAG”) announced a new Mergers & Acquisitions (“M&A”) Safe Harbor Policy issued by the Department of Justice (“DOJ”) as part of her comments detailing increased… more

Anti-Corruption, Antitrust Division, Compliance, Corporate Governance, Corporate Misconduct

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Hannes Riedel

Landlords in Germany Will Soon Have to Bear Part of the CO2 Costs for Heat Supply

On 25 May 2022, the German Federal Cabinet submitted a draft of the Carbon Dioxide Cost Sharing Act (Kohlendioxidkostenaufteilungsgesetz – CO2-KostAufG). This bill intends to regulate the sharing of costs for CO2 emissions… more

Carbon Taxes, Commercial Leases, Germany, Landlords, Levy

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Laurel Loomis Rimon

Top PHive Crypto Enforcement Notes: January Edition

Happy New Year! While the holidays hopefully provided a chance to rest and recharge, things have not slowed down in the world of digital asset enforcement. We see a growing dedication of resources by government law enforcement… more

Bank Secrecy Act, CFTC, Cryptocurrency, Decentralized Autonomous Organization (DAO), Decentralized Finance (DeFi)

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Paige Rinderer

Court Rules in California Climate Disclosure Case: Laws Remain in Flux

A year after California enacted some of the nation’s most sweeping climate disclosure laws, a United States District Court issued an important ruling related to one of several challenges to these laws. The district court denied… more

California, CARB, Climate Action Plan, Disclosure Requirements, Environmental Social & Governance (ESG)

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Anna Rips

SEC Updates Marketing Rule and Form PF FAQs in Short Succession

On March 19, the SEC issued updates to its FAQs regarding compliance with Rule 206(4)-1 of the Advisers Act (the Marketing Rule) addressing (i) when gross and net performance are required for certain “extracted” performance, and… more

Disclosure Requirements, Form PF, Investment Advisers Act of 1940, Investment Funds, Investment Management

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Jonathan Robb

No Longer a ‘Nice to Have’: ESG and What it Means for Life Sciences Companies

In April 2022, the U.K. Health Secretary, Sajid Javid, announced plans to prohibit the United Kingdom’s National Health Service (“NHS”) from buying goods and services connected with forced labour or human trafficking. This came… more

Artificial Intelligence, Climate Change, Coronavirus/COVID-19, Environmental Social & Governance (ESG), EU

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Blair Robinson

The Department of Justice’s Latest Guidance for Recipients of Federal Funding Regarding Unlawful Discrimination

Following President Donald Trump’s issuance in January 2025 of the “Ending Illegal Discrimination and Restoring Merit-Based Opportunity” executive order, which sought to curb “illegal” diversity, equity and inclusion (DEI)… more

Anti-Discrimination Policies, Civil Rights Act, Department of Justice (DOJ), Diversity and Inclusion Standards (D&I), Employment Discrimination

See all updates »

Dina Ellis Rochkind

White House Issues Digital Asset Report, SEC Chair Declares Most Crypto Assets Are Not Securities and CFTC Advances Spot Market Push

Last week, the White House released a landmark report on digital financial technology, signaling a coordinated federal push to modernize crypto regulation. The report, issued by the President’s Working Group on Digital Assets,… more

Anti-Money Laundering, Blockchain, CFTC, Cryptoassets, Cryptocurrency

See all updates »

Michael Rosella

SEC Signals Adoption of Innovative Co-Investment Exemptive Relief

The Securities and Exchange Commission’s Division of Investment Management (SEC) recently issued public notices indicating its imminent decision to grant several applications for a new form of exemptive relief for certain… more

Board of Directors, Investment Company Act of 1940, Investment Funds, Investment Management, Policies and Procedures

See all updates »

Max Rosenberg

SEC Announces 2023 Examination Priorities for Fund Advisers

On February 7, 2023, the SEC’s Division of Examinations (the “Division”) issued its report on 2023 Examination Priorities. The following is a summary of key issues highlighted in the Division’s report which are of importance to… more

Anti-Money Laundering, Investment Adviser, Investment Advisers Act of 1940, Libor, Private Funds

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Christopher Ross

Looking for Liquidity in Foreign Places: A Lender’s Guide to Financing Goods Located Outside the US Part II

Part II: Ticket to Ride- With elevated interest rates and rising labor and supply costs, many U.S. companies are looking for additional sources of capital to continue growing their businesses. Companies with asset-based… more

Bill of Sale, Borrowers, Creditors, Foreign Jurisdictions, Goods or Services

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Raven Rowe

New US Sanctions and Ongoing OFAC Designations Enable the New Administration’s Policy Priorities

Policy change in Washington since the change in administration has been swift, dramatic in many areas and executed with unprecedented pace. One area, however, has been relatively stable in the administration’s first two months:… more

Cartels, Economic Sanctions, Enforcement Actions, Executive Orders, Financial Institutions

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Stuart Rowson

The U.K. Budget: Eye Openers and Opportunities

On 30 October 2024, the Labour Government delivered their first Budget since taking office. A wide range of changes were announced to taxation and public spending, and the team in the London office of Paul Hastings have… more

Budgets, Capital Gains Tax, Electric Vehicles, Energy Projects, Environmental Social & Governance (ESG)

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Mary Day Royston

SEC Provides Updated Guidance Reducing Burden for Rule 506(c) Verification Requirement

On March 12, 2025, the Staff of the SEC Division of Corporation Finance (the Staff) provided guidance in response to a letter requesting interpretive guidance (the No-Action Letter) to clarify the verification requirement of… more

Capital Markets, CD&I, Compliance, Investment Funds, Investors

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Lisa Rubin

White House Issues Digital Asset Report, SEC Chair Declares Most Crypto Assets Are Not Securities and CFTC Advances Spot Market Push

Last week, the White House released a landmark report on digital financial technology, signaling a coordinated federal push to modernize crypto regulation. The report, issued by the President’s Working Group on Digital Assets,… more

Anti-Money Laundering, Blockchain, CFTC, Cryptoassets, Cryptocurrency

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Adam Saarany

Private Debt Explosion: Breaking New Ground

In the last 12 months, we have seen private debt markets take off over other strategies. In particular, there are now more creative ways of bringing in new types of investors to this asset class, including insurers, pension… more

Alternative Investment Funds, Asset Management, Capital Markets, Debt Financing, EU

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Seo Salimi

Biotech Spin-Off Transactions

As we previously discussed (here and here), the biotech mergers and acquisitions market currently faces significant headwinds. These challenges include frozen capital markets, regulatory uncertainty at the Food and Drug… more

Acquisitions, Biotechnology, Capital Markets, Corporate Governance, Department of Health and Human Services (HHS)

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Isaac Sasson

The Purdue Decision on Third Party Releases and Its Practical Implications

In a landmark decision that will significantly impact future reorganization plans, the Supreme Court categorically held in Harrington v. Purdue Pharma L.P., that bankruptcy courts lack the authority to approve nonconsensual… more

Bankruptcy Code, Bankruptcy Court, Chapter 11, Commercial Bankruptcy, Harrington v Purdue Pharma L P

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Dhara Satija

Check-Up and Diagnosis: The Ongoing Scrutiny of Private Equity Healthcare Investments

In 2024 alone, over 676 private equity firms and related investors acquired healthcare companies or related assets. The growing influence of private equity in the healthcare industry has not gone unnoticed on either of the… more

Acquisitions, Antitrust Provisions, Department of Justice (DOJ), Enforcement Actions, False Claims Act (FCA)

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Gil Savir

SEC Concept Release on Foreign Private Issuer Eligibility: A Portent for the Foreign Private Issuer Regulatory Framework?

On June 4, 2025, the SEC published a concept release in which the agency analyzes trends related to foreign private issuers (FPIs) and solicits extensive feedback regarding whether and how the definition of FPI should be… more

Capital Markets, Cayman Islands, China, Disclosure Requirements, Foreign Private Issuers

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Cameron Saylor

Key implications of the European Commission Report on the EU Securitisation Regulation for European CLO managers and investors

A new European Commission report on the functioning of the EU Securitisation Regulation addresses key uncertainties in existing interpretations of the EU Securitisation Regulation in the European CLO market. Some of the European… more

Disclosure Requirements, Environmental Social & Governance (ESG), European Banking Authority (EBA), European Commission, European Securities and Markets Authority (ESMA)

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Deborah Schmall

RCRA Rules Face Hazardous Times

In an executive order issued February 19, 2025, President Donald Trump instructed federal agency heads to “initiate a process to review all regulations subject to their sole or joint jurisdiction” for purposes of “rescinding… more

Environmental Policies, Environmental Protection Agency (EPA), Executive Orders, Hazardous Substances, Hazardous Waste

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Todd Schneider

Intellectual Property Considerations for AI Companies: A Guide for Investors and Startups

In the rapidly evolving landscape of AI, the valuation and viability of AI companies are extensively tied to their intellectual property assets. For AI companies, safeguarding these assets is not just about legal protection—it’s… more

Algorithms, Artificial Intelligence, California Consumer Privacy Act (CCPA), California Privacy Rights Act (CPRA), Early Stage Companies

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Keith Schomig

A Victory for Deal Certainty: Reasonable Best Efforts Covenants Should be Taken Seriously

The recent decision of the Delaware Court of Chancery in Desktop Metal, Inc. v. Nano Dimension Ltd. and Nano USI I, Inc. provides valuable lessons for both sellers and buyers on deal certainty and reasonable best efforts… more

Acquisitions, Breach of Contract, CFIUS, Contract Disputes, Contract Terms

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Jay Schuffenhauer

FERC’s Proposed Expansion of Duty of Candor Could Increase Compliance Risk

Can a seemingly innocuous requirement to tell the truth create unintended consequences? The Federal Energy Regulatory Commission (“FERC” or “Commission”) raised this question when it issued its July 28, 2022 Notice of Proposed… more

Duty of Candor, Energy Market, Federal Power Act, FERC, Fraud

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Neil Schumacher

President Trump’s Day One Executive Orders: Immediate Impact on U.S. Businesses and Multinationals

On Monday, President Trump followed through on his promise to sign nearly 100 executive orders on topics ranging from energy and the economy to border security, federal workforce reforms and a host of social issues discussed… more

China, Corporate Counsel, Donald Trump, Energy Sector, Executive Orders

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Bill Schwab

Check-Up and Diagnosis: The Ongoing Scrutiny of Private Equity Healthcare Investments

In 2024 alone, over 676 private equity firms and related investors acquired healthcare companies or related assets. The growing influence of private equity in the healthcare industry has not gone unnoticed on either of the… more

Acquisitions, Antitrust Provisions, Department of Justice (DOJ), Enforcement Actions, False Claims Act (FCA)

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Ben Seelig

Top PHive Crypto Enforcement Notes: January Edition

Happy New Year! While the holidays hopefully provided a chance to rest and recharge, things have not slowed down in the world of digital asset enforcement. We see a growing dedication of resources by government law enforcement… more

Bank Secrecy Act, CFTC, Cryptocurrency, Decentralized Autonomous Organization (DAO), Decentralized Finance (DeFi)

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Stephen Sepinuck

UCC Article 12: How States are Regulating Digital Asset Transactions

It’s a new year, and state legislatures around the country are beginning new legislative sessions. We expect to see more of them enacting Article 12 of the Uniform Commercial Code (UCC), which is designed to facilitate… more

Blockchain, Compliance, Cryptocurrency, Digital Assets, Electronic Records

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Jason Shafer

Preparing Banks for the Next Round of Challenges While the Sun Is Still Shining

Fifteen years ago, in the shadow of the 2008 financial crisis, Congress adopted the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), the most significant change to financial regulation since the… more

Banking Sector, Banks, Capital Requirements, Dodd-Frank, FDIC

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Candice Shang

The DOJ’s New Pilot Program Promises to Pay Whistleblowers for Uncovering Corporate Crimes

On March 7, 2024, Deputy Attorney General (“DAG”) Lisa Monaco announced a new Department of Justice (“DOJ”) pilot program to pay whistleblower rewards (“the Program”) for individuals who report corporate misconduct. As the DAG… more

CFTC, Department of Justice (DOJ), Foreign Corrupt Practices Act (FCPA), Money Laundering, Pilot Programs

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Jessica Shannon

Executive Order Calls for Crackdown on Politicized Debanking

On August 7, President Donald Trump signed the “Guaranteeing Fair Banking for All Americans” executive order (EO) directing federal banking regulators to investigate financial institutions that have restricted access to… more

Banking Sector, Consumer Financial Protection Bureau (CFPB), Enforcement Actions, Executive Orders, FDIC

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Patrick Shea

Supreme Court Rejects ‘Background Circumstances’ Rule for Title VII Claims Brought by Members of Majority Groups

On June 5, the Supreme Court decided Ames v. Ohio Department of Youth Services, holding unanimously that members of majority groups suing their employers under Title VII of the Civil Rights Act of 1964 (Title VII) are not… more

Ames v Ohio Department of Youth Services, Department of Justice (DOJ), Employment Discrimination, Employment Litigation, Equal Employment Opportunity Commission (EEOC)

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Sameer Parvez Sheikh

The Post–Chevron Future: Litigating Against Administrative Agencies Following Loper and Corner Post

Over the last few weeks, the Supreme Court issued two long-awaited decisions that are each significant in their own right, but, together, will drastically reshape the future of litigation against administrative agencies—and… more

Administrative Procedure Act, Chevron Deference, Chevron v NRDC, Corner Post Inc v Board of Governors of the Federal Reserve System, Government Agencies

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Marisa Sherman

NLRB Adopts Stricter Standard for Assessing Lawfulness of Workplace Rules

The National Labor Relations Board recently issued a decision that should prompt most companies with U.S. operations to review—and, in all likelihood, modify—their workplace rules that apply to their workforce, whether unionized… more

Employee Rights, Employer Liability Issues, Employment Policies, NLRA, NLRB

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Maggie Shields

DOJ Criminal Division Issues Updated Guidance on Corporate Compliance Programs Focused on AI Risks

On September 23, 2024, the Department of Justice’s (“DOJ”) Criminal Division announced significant changes to its Evaluation of Corporate Compliance Programs (“ECCP”), which prosecutors use in assessing the effectiveness of… more

Anti-Retaliation Provisions, Artificial Intelligence, Chief Compliance Officers, Compliance, Corporate Governance

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Paisley Shoemaker

New Mexico Passes Comprehensive Ban on PFAS in Products

On April 8, 2025, New Mexico became the third state to sign into law a comprehensive ban on the use of intentionally added per- and polyfluoroalkyl substances (PFAS) in consumer and commercial products: the “Per- and… more

Chemicals, Environmental Policies, Manufacturers, New Legislation, PFAS

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Zara Shore

DOJ Antitrust Division Continues Focus on Conduct in Labor Markets

The Department of Justice (DOJ) Antitrust Division (Division), together with the Department of Labor (DOL) and the Federal Trade Commission (FTC), recently issued two new sources of guidance continuing the increased focus on… more

Antitrust Division, Antitrust Provisions, Antitrust Violations, Department of Justice (DOJ), Department of Labor (DOL)

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Chris Shorey

Delaware Enacts Significant Amendments to the Delaware General Corporation Law

On March 25, 2025, the Delaware General Assembly enacted amendments to the Delaware General Corporation Law (the DGCL and such amendments, the DGCL Amendments), which were subsequently signed into law by the governor of… more

Acquisitions, Board of Directors, Controlling Stockholders, Corporate Governance, Delaware General Corporation Law

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Steven Shuldman

SEC Adopts Rules Enhancing Short Sale Disclosures

On October 13, 2023, the U.S. Securities and Exchange Commission (the “SEC”) adopted final rules requiring the reporting and disclosure of short sale trade data information. New Rule 13f-2 implements new obligations on certain… more

Activist, Consolidated Audit Trail, Disclosure Requirements, Dodd-Frank, Final Rules

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Eric Sibbitt

White House Issues Digital Asset Report, SEC Chair Declares Most Crypto Assets Are Not Securities and CFTC Advances Spot Market Push

Last week, the White House released a landmark report on digital financial technology, signaling a coordinated federal push to modernize crypto regulation. The report, issued by the President’s Working Group on Digital Assets,… more

Anti-Money Laundering, Blockchain, CFTC, Cryptoassets, Cryptocurrency

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Carter Simpson

Updated California and FTC Auto-Renewal Regulations Take Effect

In the fall of 2024, California and the Federal Trade Commission (FTC) amended their respective auto-renewal regulations. The amendments detail new and largely parallel disclosure, consent, and cancellation requirements for any… more

Automatic Renewals, California, Consent, Consumer Protection Laws, Contract Terms

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Thomas Sines

Chile Energy Bill Provokes Regulatory Risks for Investment in Renewables Sector

The Chilean Congress is currently considering a legislative proposal introduced by the Chilean Government aimed at subsidizing electricity costs for approximately 4.7 million households. The proposed bill introduces a temporary… more

Chile, Corrective Action Plans (CAPs), Electricity Costs, Energy Charter Treaty, Energy Projects

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Laura Skinner

Netherlands HCP Rate Caps: Key Updates

In early 2022, Dutch regulators deployed a new methodology for calculating the maximum hourly rates that life sciences companies may pay to healthcare professionals (“HCPs”) and others engaged in fee-for-service consulting… more

Fee-for-Service, Health Care Providers, Life Sciences, Medical Devices, Netherlands

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Sherrese Smith

SEC Cybersecurity Incident Disclosure Report

Paul Hastings released its SEC Cyber Incident Disclosure Report today, providing a unique look at how public companies have responded to new incident disclosure requirements. The Securities Exchange Commission (SEC) approved new… more

Compliance, Cyber Attacks, Cyber Incident Reporting, Cybersecurity, Disclosure Requirements

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Ziemowit Smulkowski

One Big Beautiful Bill Act — A Private Equity Perspective

On July 4, President Donald Trump signed into law the One Big Beautiful Bill Act (OBBBA). This alert summarizes the key changes under the OBBBA relevant to private equity sponsors and their investors, as well as some of the… more

Bonus Depreciation, Business Taxes, Carried Interest, EBITDA, Interest Rates

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Holly Snow

Proactive Recommendations to Private Equity Sponsors During Debt Ceiling Uncertainty

Like most other enterprises that raise and spend capital, the federal government finances its spending in part through the issuance of debt. The federal debt limit is the maximum amount of money that the federal government is… more

Acquisition Agreements, Credit Ratings, Debt Ceiling, Debt Financing, Default

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Ben Snyder

Federal Contractors With DEI Policies at Increased Risk of False Claims Act Liability

President Donald Trump has signed more than 60 executive orders since taking office, including Executive Order 14173, titled “Ending Illegal Discrimination and Restoring Merit-Based Opportunity” (EO 14173 or the Executive… more

Anti-Discrimination Policies, Compliance, Department of Justice (DOJ), Diversity and Inclusion Standards (D&I), Employment Discrimination

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Lena Son

‘One Big Beautiful Bill Act’ Signed Into Law and Executive Order With Major Impacts on Clean Energy Tax Credits

On July 4, President Donald Trump signed into law the One Big Beautiful Bill Act (OBBBA), a budget reconciliation package that significantly modifies the clean energy tax credit framework established by the Inflation Reduction… more

Clean Energy, Compliance, Energy Policy, Executive Orders, Foreign Entities

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Ruonan Song

Public Company Update: D.C. District Court Rules Proxy Voting Advice Beyond The Scope Of Federal Proxy Rules

On February 23, 2024, the U.S. District Court for the District of Columbia ruled in favor of Institutional Shareholder Services Inc. on the party’s motions for summary judgment, ending a years long dispute over whether proxy… more

Institutional Shareholder Services (ISS), National Association of Manufacturers, Proxy Voting, Proxy Voting Guidelines, Securities and Exchange Commission (SEC)

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Allan Soobert

Reign Turns to Clouds—The Western District of Texas Fundamentally Changes Its Assignment Procedure for Patent Cases

On Monday, July 25, the Chief Judge for the Western District of Texas issued an order altering how patent cases are assigned in that District. The order implements a “random assignment” procedure that now prevents plaintiffs… more

Administrative Patent Judges, Assignments, Judges, Judicial Districts, Patent Litigation

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Michael Spafford

CFTC Advisory on Self-Reporting, Cooperation and Remediation: A Game-Changer for the Industry

This week, the CFTC released an Enforcement Advisory setting forth concrete guidelines for self-reporting, cooperation and remediation that will reshape how market participants report and defend potential violations… more

CFTC, Department of Justice (DOJ), Enforcement Actions, Financial Regulatory Reform, Penalties

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Thiago Spercel

Increased Flexibility with New Public Offerings Regulatory Regime in Brazil

The Brazilian capital markets regulator, the Comissão de Valores Mobiliários (the “CVM”), has recently reformulated the regulatory framework for public offerings in Brazil… more

Capital Markets, Investment Banks, Public Offerings, Safe Harbors, Special Purpose Acquisition Companies (SPACs)

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Arun Srivastava

What the GENIUS Act Means for UK and Foreign Stablecoin Issuers

Stablecoins are commanding increasing attention from global regulators. While the U.K. is moving steadily toward a clearer regulatory framework, the U.S. is advancing federal legislation that could reshape how foreign stablecoin… more

Cryptocurrency, Digital Assets, FDIC, Financial Conduct Authority (FCA), Financial Regulatory Reform

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Karl Stahlfeld

Supreme Court Poised to Narrow Materiality

The materiality standard in fraud cases may soon shift dramatically if the comments of Supreme Court justices during a recent oral argument are any indication. A rollback of the materiality standard would be the latest in a… more

Breach of Contract, Criminal Prosecution, Department of Justice (DOJ), Enforcement Actions, Fraud

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Craig Stanfield

Deceptive Trade Practices — A Texas No-Damages Model for Toxic Tort Litigation

State and local governments have long participated in toxic tort litigation against manufacturers whose products are claimed to have driven up government healthcare costs. Now, the Texas attorney general has staked out a new way… more

Civil Monetary Penalty, Environmental Litigation, False Advertising, Food Manufacturers, Manufacturers

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Jeremy Steed

The DOJ’s New Pilot Program Promises to Pay Whistleblowers for Uncovering Corporate Crimes

On March 7, 2024, Deputy Attorney General (“DAG”) Lisa Monaco announced a new Department of Justice (“DOJ”) pilot program to pay whistleblower rewards (“the Program”) for individuals who report corporate misconduct. As the DAG… more

CFTC, Department of Justice (DOJ), Foreign Corrupt Practices Act (FCPA), Money Laundering, Pilot Programs

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Andrew Sterritt

New DOJ FCPA Guidelines Target Cases Linked to US Strategic Interests

On June 9, U.S. Deputy Attorney General Todd Blanche issued a memorandum entitled “Guidelines for Investigations and Enforcement of the Foreign Corrupt Practices Act (FCPA),” which establishes guidelines to ensure that FCPA… more

Anti-Corruption, Bribery, Cartels, Corruption, Criminal Prosecution

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Jonathan Stevens

DOJ Criminal Division Announces New Voluntary Self-Disclosure Pilot Program for Individuals

On April 22, 2024, the Acting Assistant Attorney General for the Department of Justice (“DOJ”) Criminal Division (“Acting AAG”) Nicole M. Argentieri offered commentary in a blog post regarding the Criminal Division’s newest… more

CEOs, CFTC, COOs, Corporate Crimes, Corporate Misconduct

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Braddock Stevenson

Anti-Money Laundering Enforcement Risk Still Remains for Virtual Asset Services Providers

Despite the Trump administration’s generally favorable stance toward cryptocurrency and blockchain innovation, virtual asset services providers (VASPs) must remain vigilant in complying with anti-money laundering (AML)… more

Anti-Money Laundering, Cryptocurrency, Department of Justice (DOJ), Enforcement Actions, Financial Crimes

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Winston Stromberg

California Pushes ‘Abundance’ Agenda With Major CEQA Reforms for Housing and Select Infrastructure

On June 30, California Governor Gavin Newsom signed two budget trailer bills that deliver the most significant and sweeping reform of the California Environmental Quality Act (CEQA) in the 55-year history of this far-reaching… more

Affordable Housing, California, CEQA Reform, Environmental Litigation, Housing Developers

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Carson Sullivan

The Department of Justice’s Latest Guidance for Recipients of Federal Funding Regarding Unlawful Discrimination

Following President Donald Trump’s issuance in January 2025 of the “Ending Illegal Discrimination and Restoring Merit-Based Opportunity” executive order, which sought to curb “illegal” diversity, equity and inclusion (DEI)… more

Anti-Discrimination Policies, Civil Rights Act, Department of Justice (DOJ), Diversity and Inclusion Standards (D&I), Employment Discrimination

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Laurel Sutherland

The UK Launches Its Own ‘FARA’: What Companies Need to Know About the New Foreign Influence Registration Scheme

On July 1, 2025, the United Kingdom’s new Foreign Influence Registration Scheme (FIRS) will formally take effect, creating sweeping registration obligations under U.K. law for persons engaging in certain activities on behalf of… more

Compliance, Corporate Counsel, Disclosure Requirements, Foreign Agents Registration Act (FARA), Foreign Governments

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Ryan Swan

SEC Withdraws 14 Pending Rule Proposals

On June 12, the Securities and Exchange Commission (SEC) formally withdrew 14 proposed rules for investment advisers, broker-dealers and public companies, many of which had been pending for several years. Should the SEC decide… more

Broker-Dealer, Cybersecurity, Disclosure Requirements, Environmental Social & Governance (ESG), Financial Services Industry

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Molly Swartz

The CFPB Survives: Our Take on the Supreme Court Decision

On May 16, 2024, the United States Supreme Court, in a 7-2 opinion authored by Justice Clarence Thomas, upheld the constitutionality of the funding mechanism of the Consumer Financial Protection Bureau (“CFPB” or “Bureau”). In… more

Appropriation, Constitutional Challenges, Consumer Financial Products, Consumer Financial Protection Bureau (CFPB), Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd

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Shannon Sylvester

DOJ and CISA Issue Proposed Rules Regulating Export of Bulk Sensitive Data

The Department of Justice (DOJ) released a Final Rule restricting certain transfers of Americans’ sensitive personal data to identified countries of concern or covered individuals. The Final Rule continues to assert the DOJ as a… more

Cybersecurity, Cybersecurity Information Sharing Act (CISA), Data Privacy, Data Protection, Data Security

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Dana Syracuse

White House Issues Digital Asset Report, SEC Chair Declares Most Crypto Assets Are Not Securities and CFTC Advances Spot Market Push

Last week, the White House released a landmark report on digital financial technology, signaling a coordinated federal push to modernize crypto regulation. The report, issued by the President’s Working Group on Digital Assets,… more

Anti-Money Laundering, Blockchain, CFTC, Cryptoassets, Cryptocurrency

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Nicole Tackabery

SB 553: California's Workplace Violence Prevention Law Taking Effect Today

On September 30, 2023, Governor Newsom signed Senate Bill 553 (the "Workplace Violence Prevention Act" or "WVP Act") which requires most California employers to develop and implement a comprehensive Workplace Violence Prevention… more

Cal-OSHA, California, Covered Employer, Employee Training, Recordkeeping Requirements

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Allison Talker

EEOC Issues Final Regulation on Pregnant Workers Fairness Act

All employers should take note of the U.S. Equal Opportunity Commission’s (“EEOC”) final rule and interpretative guidance regarding the Pregnant Workers Fairness Act (“PWFA”), recently issued on April 19, 2024. Effective last… more

Americans with Disabilities Act (ADA), Equal Employment Opportunity Commission (EEOC), Pregnancy, Pregnant Workers Fairness Act, Reasonable Accommodation

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Jiten Tank

The U.K. Budget: Eye Openers and Opportunities

On 30 October 2024, the Labour Government delivered their first Budget since taking office. A wide range of changes were announced to taxation and public spending, and the team in the London office of Paul Hastings have… more

Budgets, Capital Gains Tax, Electric Vehicles, Energy Projects, Environmental Social & Governance (ESG)

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Sanjiv Tata

An Eye on Insurance: Recent Developments in Insurance Regulation - UPDATED September 2024

2024 has seen a significant amount of activity by state insurance regulators and the National Association of Insurance Commissioners (the “NAIC”) including the adoption of major revisions to the regimes governing investments by… more

Artificial Intelligence, Bonds, Debt Securities, Department of Financial Services, Insurance Industry

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Eva Temkin

A Sea Change Looms as FDA Finalizes Its Controversial Regulation Asserting Jurisdiction Over LDTs

On April 29, 2024, after years of false starts trying to expand oversight of laboratory developed tests (“LDTs”) through administrative and legislative actions, FDA announced the much-anticipated—and highly controversial—final… more

Chevron Deference, CLIA, Clinical Laboratories, Federal Food Drug and Cosmetic Act (FFDCA), Food and Drug Administration (FDA)

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David Tennant

Federal Circuit Clarifies the Scope of IPR Estoppel

The Federal Circuit recently clarified the scope of statutory estoppel that applies in District Court after the PTAB issues a final written decision in a related inter partes review (IPR). Ingenico Inc. v. IOENGINE, LLC, No… more

§315(e), Appeals, Appellate Courts, Inter Partes Review (IPR) Proceeding, Obviousness

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Benoit Thirion

What’s Next for French Offshore Wind Power? Blowin’ in the Wind

Is stormy weather on the horizon for the offshore wind energy industry? The combination of rising supply costs, increased interest rates and significant execution risk has hurt the profitability of projects and led some energy… more

Energy Policy, Energy Projects, Energy Sector, EU, France

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DeNae Thomas

OIG Issues Favorable Opinion on Pharmaceutical Manufacturer’s Free Product Program

In its first advisory opinion of the year, the Office of Inspector General for the U.S. Department of Health and Human Services (OIG) assessed a pharmaceutical manufacturer’s free product program and found that, although the… more

Anti-Kickback Statute, Compliance, Department of Health and Human Services (HHS), Enforcement Actions, Healthcare Fraud

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Igor Timofeyev

The Post–Chevron Future: Litigating Against Administrative Agencies Following Loper and Corner Post

Over the last few weeks, the Supreme Court issued two long-awaited decisions that are each significant in their own right, but, together, will drastically reshape the future of litigation against administrative agencies—and… more

Administrative Procedure Act, Chevron Deference, Chevron v NRDC, Corner Post Inc v Board of Governors of the Federal Reserve System, Government Agencies

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Sara Tomezsko

New California Regulations on Employers' Use of AI to Make Decisions Go Into Effect Oct. 1, 2025

Earlier this year, the California’s Civil Rights Council (CRC), a branch of the California Civil Rights Department, approved the final text of new regulations to address employers’ lawful use of artificial intelligence (AI) and… more

Artificial Intelligence, Automated Decision Systems (ADS), California, Disability Discrimination, Disparate Impact

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Carlos Torrejon

Recent Developments Affecting Non-Competes and Employee Mobility

Employers take note: a series of recent developments could impact the way that companies across the country handle non-competition restrictions and retention rules. First, recent developments in the legal challenges to the FTC’s… more

Employer Liability Issues, Federal Trade Commission (FTC), NLRA, NLRB, Non-Compete Agreements

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Claudia Torres

A Victory for Deal Certainty: Reasonable Best Efforts Covenants Should be Taken Seriously

The recent decision of the Delaware Court of Chancery in Desktop Metal, Inc. v. Nano Dimension Ltd. and Nano USI I, Inc. provides valuable lessons for both sellers and buyers on deal certainty and reasonable best efforts… more

Acquisitions, Breach of Contract, CFIUS, Contract Disputes, Contract Terms

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Leo Tsao

New DOJ FCPA Guidelines Target Cases Linked to US Strategic Interests

On June 9, U.S. Deputy Attorney General Todd Blanche issued a memorandum entitled “Guidelines for Investigations and Enforcement of the Foreign Corrupt Practices Act (FCPA),” which establishes guidelines to ensure that FCPA… more

Anti-Corruption, Bribery, Cartels, Corruption, Criminal Prosecution

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Tina Tsaur

Long-awaited Pay v. Performance Rules Adopted

Recently, the U.S. Securities and Exchange Commission (the “Commission”) adopted long anticipated final rules requiring registrants to disclose information regarding the relationship between the actual compensation paid to their… more

CD&A, Deferred Compensation, Dodd-Frank, Executive Compensation, Final Rules

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John Tso

HKIAC as First and Only outside Mainland China: Named by China International Commercial Court on One-Stop Platform for Diversified International Commercial Dispute Resolution

Starting from June 22, 2022, parties to international commercial arbitrations administered by the Hong Kong International Arbitration Centre (“HKIAC”) can apply directly to the China International Commercial Court (“CICC”) for… more

Arbitration, Arbitration Awards, China, Hong Kong International Arbitration Centre (HKIAC), International Arbitration

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Stephen Turanchik

Crypto Tax Update – April 2025

In light of the approaching April 15 tax filing deadline, this week’s update highlights recent developments in U.S. federal tax policy that may impact crypto firms and crypto holders… more

Bank Secrecy Act, Cryptocurrency, Digital Assets, Filing Deadlines, Income Taxes

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Derek Turnbull

Dramatic Shifts Point to Foundation for a Comprehensive Digital Asset Framework in the US

In just a few weeks, the landscape for crypto policy has continued to shift dramatically. The president signed into law the repeal of an IRS rule that would have expanded the definition of “broker” to capture DeFi protocols; the… more

CFTC, Cryptocurrency, Digital Assets, FDIC, Federal Reserve

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Nisa R. Gosselink-Ulep

New DOJ FCPA Guidelines Target Cases Linked to US Strategic Interests

On June 9, U.S. Deputy Attorney General Todd Blanche issued a memorandum entitled “Guidelines for Investigations and Enforcement of the Foreign Corrupt Practices Act (FCPA),” which establishes guidelines to ensure that FCPA… more

Anti-Corruption, Bribery, Cartels, Corruption, Criminal Prosecution

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Robert Unikel

Federal Circuit Clarifies the Scope of IPR Estoppel

The Federal Circuit recently clarified the scope of statutory estoppel that applies in District Court after the PTAB issues a final written decision in a related inter partes review (IPR). Ingenico Inc. v. IOENGINE, LLC, No… more

§315(e), Appeals, Appellate Courts, Inter Partes Review (IPR) Proceeding, Obviousness

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Chad Vance

An Eye on Insurance: Recent Developments in Insurance Regulation - UPDATED September 2024

2024 has seen a significant amount of activity by state insurance regulators and the National Association of Insurance Commissioners (the “NAIC”) including the adoption of major revisions to the regimes governing investments by… more

Artificial Intelligence, Bonds, Debt Securities, Department of Financial Services, Insurance Industry

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Noreen Mary Verini

DOJ Criminal Division Issues Updated Guidance on Corporate Compliance Programs Focused on AI Risks

On September 23, 2024, the Department of Justice’s (“DOJ”) Criminal Division announced significant changes to its Evaluation of Corporate Compliance Programs (“ECCP”), which prosecutors use in assessing the effectiveness of… more

Anti-Retaliation Provisions, Artificial Intelligence, Chief Compliance Officers, Compliance, Corporate Governance

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Marlyse Vieira

Recent Whistleblower Activity Increases Pressure on Internal Reporting and Investigation Mechanisms

On May 5, 2023, the Securities and Exchange Commission (“SEC”) granted its largest-ever whistleblower award of $279M to an individual, reportedly stemming from Ericsson’s $1.1B settlement to resolve claims that the… more

Department of Justice (DOJ), Dodd-Frank, Enforcement Actions, False Claims Act (FCA), Foreign Corrupt Practices Act (FCPA)

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Kristopher Villarreal

SVB Receivership – Considerations for Agents and Lenders

Background- On March 10, 2023, the California Department of Financial Protection and Innovation closed Silicon Valley Bank (SVB) and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for SVB… more

Agents, Bank Deposits, Banks, Board of Governors, Borrowers

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Anthony Viola

Latest Executive and Legislative Actions Continue Crypto-Friendly Movement

The past two weeks have been a whirlwind of activity for the financial and crypto sectors, with developments on Capitol Hill and from key regulatory agencies. President Donald Trump’s nomination of Michelle Bowman as the Federal… more

Cryptocurrency, Digital Assets, Federal Reserve, Financial Regulatory Reform, FinCEN

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Sam Waite

H1 2022 Energy and Infrastructure Round-up

Welcome to our H1 2022 Energy and Infrastructure Round-up. Here we share our assessment of key legal and transactional developments in the energy and infrastructure market including: •Market Activity- •Market Commentary-… more

BEIS, Divestiture, Energy Sector, Environmental Social & Governance (ESG), European Commission

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Mary Walser

FTC Announces Increased HSR Thresholds and Filing Fees for 2024

Effective on March 6, 2024, the mandatory notification thresholds under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”), will be increasing. The Size of Transaction threshold will jump from… more

Antitrust Division, Consolidated Appropriations Act (CAA), Consumer Price Index, Department of Justice (DOJ), Federal Trade Commission (FTC)

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David Wang

Despite Setbacks, Strong Support Remains for “Outbound CFIUS” Legislation

Efforts by a bipartisan group of U.S. lawmakers to establish a national security screening mechanism for investment in “countries of concern” (including the People’s Republic of China) were dealt a significant blow recently, as… more

America Competes Act, Bureau of Industry and Security (BIS), CFIUS, China, Foreign Investment

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Charlotte Warke

The Arbitration Act 2025: Refinement Not Revolution

On 24 February 2025, the Arbitration Act 2025 (the 2025 Act) received Royal Assent. The exact date on which it will come into force is yet to be confirmed, though the U.K. government has stated that it will seek to do so as soon… more

Arbitration, Arbitration Agreements, Arbitration Awards, Arbitrators, Dispute Resolution

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Samuel Waxman

Navigating Control Mechanisms in Startups

The question of control is pivotal for startups and their investors. Startup founders naturally desire influence over their company's direction, but when external investors enter the picture, the dynamics of control often… more

Capital Raising, Dual Class Share Structures, Early Stage Companies, Initial Public Offering (IPO), Investors

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Adam Weiss

With Japan's Ratification, the Singapore Mediation Convention Gains International Momentum

On October 1, 2023, Japan became the twelfth nation to ratify the United Nations Convention on International Settlement Agreements Resulting from Mediation (the “Singapore Convention”). Pursuant to Japanese domestic legislation,… more

International Arbitration, International Litigation, Japan, Mediation, Ratification

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Avi Weitzman

Recent Investigations by the Texas Attorney General Piggyback on Federal ‘Make America Healthy Again’ Initiatives

Texas Attorney General Ken Paxton recently announced that his office is investigating some of the country’s most ubiquitous home brands — including Colgate-Palmolive, Proctor & Gamble, and General Mills — for allegedly… more

Civil Investigation Demand, Consumer Protection Laws, Department of Health and Human Services (HHS), Enforcement Actions, False Advertising

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Colin Wetmore

One Big Beautiful Bill Act — A Private Equity Perspective

On July 4, President Donald Trump signed into law the One Big Beautiful Bill Act (OBBBA). This alert summarizes the key changes under the OBBBA relevant to private equity sponsors and their investors, as well as some of the… more

Bonus Depreciation, Business Taxes, Carried Interest, EBITDA, Interest Rates

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Derek Evan Wetmore

SEC Division of Examinations: 2025 Examination Priorities

Last week, the Securities and Exchange Commission’s Division of Examinations (the “Division”) released its 2025 examination priorities, an annual publication by the Division designed to make the public aware of issues, areas,… more

Broker-Dealer, Fiduciary Duty, Investment Adviser, Investment Advisers Act of 1940, Investment Company Act of 1940

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Bruce Wexler

New Decision Addresses Whether Transcription Error in Prior Art Supports Obviousness

More than 50 years ago, the Court of Customs and Patent Appeals (CCPA) in In re Yale, 434 F.2d 666 (C.C.P.A. 1970), held that where a prior art reference includes an obvious error of a typographical or similar nature that would… more

Appeals, Board of Patent Appeals, Inter Partes Review (IPR) Proceeding, Obviousness, Patent Trial and Appeal Board

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Michael Wheatley

SEC Reportedly Requiring Enforcement Staff to Seek Commission Approval for Formal Orders of Investigation

On February 2, media outlets reported that the Securities and Exchange Commission (SEC or Commission) has told SEC Enforcement attorneys that they need the approval of the agency’s commissioners for all formal orders of… more

Compliance, Enforcement Actions, Investigations, Regulatory Agenda, Regulatory Authority

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Mary Carmina Wilbourn

Navigating Control Mechanisms in Startups

The question of control is pivotal for startups and their investors. Startup founders naturally desire influence over their company's direction, but when external investors enter the picture, the dynamics of control often… more

Capital Raising, Dual Class Share Structures, Early Stage Companies, Initial Public Offering (IPO), Investors

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Andrew Williamson

Key implications of the European Commission Report on the EU Securitisation Regulation for European CLO managers and investors

A new European Commission report on the functioning of the EU Securitisation Regulation addresses key uncertainties in existing interpretations of the EU Securitisation Regulation in the European CLO market. Some of the European… more

Disclosure Requirements, Environmental Social & Governance (ESG), European Banking Authority (EBA), European Commission, European Securities and Markets Authority (ESMA)

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Kenneth Willner

EEOC Draft Strategic Enforcement Plan Reflects Focus on Employers’ Use of Artificial Intelligence

On January 10, 2023, the Equal Employment Opportunity Commission (“EEOC”) published a draft Strategic Enforcement Plan (“SEP”) in the Federal Register. In it, the EEOC outlines the enforcement priorities that will guide its… more

Americans with Disabilities Act (ADA), Artificial Intelligence, Civil Rights Act, Employment Discrimination, Equal Employment Opportunity Commission (EEOC)

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Brian Wilmot

Carbon Offsets and Voluntary Carbon Markets – Opportunities and Uncertainty

The voluntary carbon market is rapidly growing to match the increasing focus by corporate leaders on ESG efforts and net-zero goals. In 2021, the voluntary carbon market reached $2 billion, and by some estimates may be worth up… more

Carbon Emissions, Carbon Off-Set Credits, CFTC, Environmental Social & Governance (ESG), EU

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Brooke Morgan Wilner

Federal Circuit Clarifies the Scope of IPR Estoppel

The Federal Circuit recently clarified the scope of statutory estoppel that applies in District Court after the PTAB issues a final written decision in a related inter partes review (IPR). Ingenico Inc. v. IOENGINE, LLC, No… more

§315(e), Appeals, Appellate Courts, Inter Partes Review (IPR) Proceeding, Obviousness

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David Wilson

SEC Updates for Private Funds: Private Fund Rule Litigation and Marketing Rule FAQ

Private fund sponsors should be aware of two recent SEC regulatory developments with respect to (1) the newly adopted private fund rules (Rule 211(h)(1)-2; Rule 211(h)(2)-3; Rule 211(h)(2)-1; Rule 211(h)(2)-2, and Rule 206(4)-10… more

Fund Sponsors, Investment Adviser, Investment Advisers Act of 1940, Marketing, Private Funds

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Rob Wilson

Update: Senate Finance Committee Releases Its Version of Section 899 of the One Big Beautiful Bill

On May 22, the U.S. House of Representatives voted to approve the One Big Beautiful Bill (the House Bill), which contained a new addition to the U.S. Internal Revenue Code — Section 899 (House Bill Section 899). On June 16, the… more

Base Erosion and Anti-Abuse Tax (BEAT), Foreign Corporations, Foreign Tax, Income Taxes, Internal Revenue Code (IRC)

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Adam Winer

Navigating Control Mechanisms in Startups

The question of control is pivotal for startups and their investors. Startup founders naturally desire influence over their company's direction, but when external investors enter the picture, the dynamics of control often… more

Capital Raising, Dual Class Share Structures, Early Stage Companies, Initial Public Offering (IPO), Investors

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Sarah Winslow

Texas Environmental Litigation in the Post-Chevron Deference Era

This past term, the United States Supreme Court overruled Chevron U.S.A., Inc. v. Natural Resources Defense Council, Inc., 467 U.S. 837 (1984) in companion cases Relentless, Inc. v. Dep’t of Commerce (No. 22-1219) and Loper… more

Administrative Procedure Act, Chevron Deference, Department of Health and Human Services (HHS), Environmental Protection Agency (EPA), Government Agencies

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Auburn Wise

‘One Big Beautiful Bill Act’ Signed Into Law and Executive Order With Major Impacts on Clean Energy Tax Credits

On July 4, President Donald Trump signed into law the One Big Beautiful Bill Act (OBBBA), a budget reconciliation package that significantly modifies the clean energy tax credit framework established by the Inflation Reduction… more

Clean Energy, Compliance, Energy Policy, Executive Orders, Foreign Entities

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Michael Wise

FTC Announces Expansive and Unprecedented Non-compete Ban

On April 23, 2024, the Federal Trade Commission (FTC) adopted a Non‑Compete Clause Rule (the “Rule”) prohibiting most employee non‑compete agreements as unfair methods of competition by a vote of 3 to 2. The Rule is a somewhat… more

Apprenticeships, Chamber of Commerce, Federal Trade Commission (FTC), Independent Contractors, Internships

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Thomas Wisialowski

New Treasury Guidance on Sovereign Wealth Funds, Qualified Foreign Pension Funds, and REITS and RICs

On December 28, 2022, the Treasury Department and the IRS issued proposed regulations (the “Proposed Regulations”) on the treatment of qualified foreign pension funds (“QFPFs”) for purposes of the exemption from taxation for… more

C-Corporation, FIRPTA, Foreign Governments, Internal Revenue Code (IRC), Investors

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Michael Wolfe

Federal Circuit Clarifies the Scope of IPR Estoppel

The Federal Circuit recently clarified the scope of statutory estoppel that applies in District Court after the PTAB issues a final written decision in a related inter partes review (IPR). Ingenico Inc. v. IOENGINE, LLC, No… more

§315(e), Appeals, Appellate Courts, Inter Partes Review (IPR) Proceeding, Obviousness

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Dr. Christopher Wolff

Ruling of the German Federal Labor Court on the Invalidity of Expiry Clauses in ESOP/VSOP - Applicability of the Ruling to MEPs

On March 19, 2025, the German Federal Labor Court ("BAG") ruled that clauses that qualify as general terms and conditions and stipulate that virtual option rights that are already vested at the time of termination of an… more

Acquisitions, Contract Terms, Corporate Governance, Employee Benefits, Employment Contract

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Garreth Wong

The Arbitration Act 2025: Refinement Not Revolution

On 24 February 2025, the Arbitration Act 2025 (the 2025 Act) received Royal Assent. The exact date on which it will come into force is yet to be confirmed, though the U.K. government has stated that it will seek to do so as soon… more

Arbitration, Arbitration Agreements, Arbitration Awards, Arbitrators, Dispute Resolution

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Nicole Kati Wong

REIT All About It: One Big Beautiful Bill — Tax Updates for REITs

On July 4, 2025, President Donald Trump signed the One Big Beautiful Bill Act (OBBBA) into law, following the approval of Congress. OBBBA contains the following compelling updates from a real estate investment trust (REIT)… more

Business Taxes, Corporate Taxes, EBITDA, Income Taxes, Investment

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Samantha Wood

Market Abuse Rules for Cryptoassets — The New UK Regime

This briefing covers the FCA’s proposed rules for market abuse in cryptoassets (MARC) in (DP24/4) and follows our earlier coverage on the proposals for the FCA’s admissions and disclosures (A&D) regime proposed in that… more

Anti-Money Laundering, Compliance, Crypto Exchanges, Cryptoassets, Digital Assets

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David Wormley

Market Abuse Rules for Cryptoassets — The New UK Regime

This briefing covers the FCA’s proposed rules for market abuse in cryptoassets (MARC) in (DP24/4) and follows our earlier coverage on the proposals for the FCA’s admissions and disclosures (A&D) regime proposed in that… more

Anti-Money Laundering, Compliance, Crypto Exchanges, Cryptoassets, Digital Assets

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Shaun Wu

Keep Calm and Carry On: Thoughts on Recent Orders on FCPA Enforcement

What in the world is happening with enforcement of the Foreign Corrupt Practices Act (FCPA)? And what does the recent executive order (EO) and Department of Justice (DOJ) guidance mean for U.S. and global companies? Our view is… more

Anti-Corruption, Bribery, Compliance, Corporate Counsel, Corporate Governance

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Sherry Xie

One Big Beautiful Bill Act — A Private Equity Perspective

On July 4, President Donald Trump signed into law the One Big Beautiful Bill Act (OBBBA). This alert summarizes the key changes under the OBBBA relevant to private equity sponsors and their investors, as well as some of the… more

Bonus Depreciation, Business Taxes, Carried Interest, EBITDA, Interest Rates

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Zoey Xie

China Enhances Scrutiny for Cross-Border Data Transfer that would Impact Multinational Companies

1. Introduction- China’s cross-border data transfer rules are unfolding in real time and taking clearer shape. On July 7, 2022, China’s cybersecurity regulatory agency, the Cyberspace Administration of China (“CAC”), issued the… more

Critical Infrastructure Sectors, Cross-Border, Cybersecurity, Data Breach, Data Storage

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Jia Yan

Despite Setbacks, Strong Support Remains for “Outbound CFIUS” Legislation

Efforts by a bipartisan group of U.S. lawmakers to establish a national security screening mechanism for investment in “countries of concern” (including the People’s Republic of China) were dealt a significant blow recently, as… more

America Competes Act, Bureau of Industry and Security (BIS), CFIUS, China, Foreign Investment

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Phoebe Yan

Keep Calm and Carry On: Thoughts on Recent Orders on FCPA Enforcement

What in the world is happening with enforcement of the Foreign Corrupt Practices Act (FCPA)? And what does the recent executive order (EO) and Department of Justice (DOJ) guidance mean for U.S. and global companies? Our view is… more

Anti-Corruption, Bribery, Compliance, Corporate Counsel, Corporate Governance

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Camille Yona

Long-awaited Pay v. Performance Rules Adopted

Recently, the U.S. Securities and Exchange Commission (the “Commission”) adopted long anticipated final rules requiring registrants to disclose information regarding the relationship between the actual compensation paid to their… more

CD&A, Deferred Compensation, Dodd-Frank, Executive Compensation, Final Rules

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Jane Yoon

The Verdict Is In: SuperValu Wins at Trial Despite Knowingly Submitting False Claims

In 2023, we wrote about the Supreme Court’s decision in United States ex. rel. Schutte v. SuperValu Inc. interpreting the False Claims Act’s (FCA) scienter standard to require inquiry into a defendant’s subjective knowledge… more

Breach of Contract, Centers for Medicare & Medicaid Services (CMS), Damages, Expert Testimony, False Claims Act (FCA)

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Dominik Young

English Court Approves Enzen Part 26A Restructuring Plans in First Case With HMRC Active Support

On 25 March 2025, the English Court approved the interconditional dual restructuring plans of Enzen Global Limited and Enzen Limited (Enzen). The plans amend and extend £50 million senior secured liabilities, provide for new… more

Commercial Bankruptcy, Corporate Restructuring, Creditors, Debt Restructuring, Debtors

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Spencer Young

Some Sunshine for Crypto Investment Products: SEC Issues First Comprehensive Disclosure Guidance for Crypto ETPs

In another step toward regulatory clarity for crypto investment products, the SEC Division of Corporate Finance staff has issued detailed disclosure guidance on how crypto exchange-traded products (ETPs) should navigate… more

Cryptocurrency, Digital Assets, Disclosure Requirements, Exchange-Traded Products, Investment Funds

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Jennifer St. John Yount

Loan Market Update: Q1-Q3 Recap, Trends & What’s Next

From Q1-Q3 of 2023, the U.S. loan market was marked by novel deal patterns and uneven market activity. Initially, the bulk of deals were portfolio work, including amend & extend transactions, covenant relief amendments and LIBOR… more

Banking Sector, Borrowers, EBITDA, Lenders, Libor

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Fengzhen Yu

China Enhances Scrutiny for Cross-Border Data Transfer that would Impact Multinational Companies

1. Introduction- China’s cross-border data transfer rules are unfolding in real time and taking clearer shape. On July 7, 2022, China’s cybersecurity regulatory agency, the Cyberspace Administration of China (“CAC”), issued the… more

Critical Infrastructure Sectors, Cross-Border, Cybersecurity, Data Breach, Data Storage

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Jill E.C. Yung

A New Year and Another Chance to Get it Right – Tax Incentives and Permitting Reforms Pave the Way for More Renewables in 2023 and Beyond

On August 16, 2022, President Biden signed into law the Inflation Reduction Act (“IRA”). Heralded as a “transformative” legislative package, the IRA provides eye-popping incentives to drive clean energy development and related… more

California Energy Commission, Department of Energy (DOE), Energy Projects, Energy Storage, Inflation Reduction Act (IRA)

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Andrew Zacher

A Sea Change Looms as FDA Finalizes Its Controversial Regulation Asserting Jurisdiction Over LDTs

On April 29, 2024, after years of false starts trying to expand oversight of laboratory developed tests (“LDTs”) through administrative and legislative actions, FDA announced the much-anticipated—and highly controversial—final… more

Chevron Deference, CLIA, Clinical Laboratories, Federal Food Drug and Cosmetic Act (FFDCA), Food and Drug Administration (FDA)

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Gary Zanfagna

FTC Sows Uncertainty with Unfair Competition Guidance

The Federal Trade Commission upended decades of antitrust compliance principles last week when it announced a broad framework for policing unfair methods of competition under Section 5 of the FTC Act… more

Antitrust Violations, Federal Trade Commission (FTC), FTC Act, Section 5, Sherman Act

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Erin Zatlin

The Consequential Impact of the Supreme Court’s Monumental Ruling in SEC v. Jarkesy

On June 27, 2024, the Supreme Court of the United States issued its decision in SEC v. Jarkesy, holding that the Securities and Exchange Commission (“SEC”) must prosecute securities fraud before a federal court whenever it seeks… more

Administrative Law Judge (ALJ), Article III, Consumer Financial Protection Bureau (CFPB), Dodd-Frank, Federal Rules of Civil Procedure

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Daniel Zeilberger

Federal Circuit Clarifies the Scope of IPR Estoppel

The Federal Circuit recently clarified the scope of statutory estoppel that applies in District Court after the PTAB issues a final written decision in a related inter partes review (IPR). Ingenico Inc. v. IOENGINE, LLC, No… more

§315(e), Appeals, Appellate Courts, Inter Partes Review (IPR) Proceeding, Obviousness

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Traci Zeller

The Consequential Impact of the Supreme Court’s Monumental Ruling in SEC v. Jarkesy

On June 27, 2024, the Supreme Court of the United States issued its decision in SEC v. Jarkesy, holding that the Securities and Exchange Commission (“SEC”) must prosecute securities fraud before a federal court whenever it seeks… more

Administrative Law Judge (ALJ), Article III, Consumer Financial Protection Bureau (CFPB), Dodd-Frank, Federal Rules of Civil Procedure

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Lanxin Zhang

Despite Setbacks, Strong Support Remains for “Outbound CFIUS” Legislation

Efforts by a bipartisan group of U.S. lawmakers to establish a national security screening mechanism for investment in “countries of concern” (including the People’s Republic of China) were dealt a significant blow recently, as… more

America Competes Act, Bureau of Industry and Security (BIS), CFIUS, China, Foreign Investment

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Sabrina Zhang

Federal Court Determines American Airlines, Inc., 401(k) Plan Fiduciaries Breached Their ERISA Fiduciary Duty of Loyalty to Employees by Pursuing ESG Policy Goals

On January 10th, the United States District Court for the Northern District of Texas (the court) ruled that American Airlines, Inc. (American) and the American Airlines Employee Benefits Committee (together, the Defendants)… more

401k, BlackRock, Conflicts of Interest, Corporate Governance, Employee Benefits

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Annie Zhao

Market Intersection: A Quarterly Look at the U.S. Credit Markets 4Q22

In 4Q22, volatile market conditions persisted, including high inflation, rising interest rates, recession anxiety and geopolitical uncertainties. The impact of these conditions was reflected in decreased loan market activity,… more

Direct Lending, Financial Markets, Interest Rates, Loans, Middle Market

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Sarah Zhu

HKIAC as First and Only outside Mainland China: Named by China International Commercial Court on One-Stop Platform for Diversified International Commercial Dispute Resolution

Starting from June 22, 2022, parties to international commercial arbitrations administered by the Hong Kong International Arbitration Centre (“HKIAC”) can apply directly to the China International Commercial Court (“CICC”) for… more

Arbitration, Arbitration Awards, China, Hong Kong International Arbitration Centre (HKIAC), International Arbitration

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Wenlong Zhuge

FTC Proposed Ban on Non-Competes Includes M&A Exception Comparable to California Law

On January 5, 2023, the Federal Trade Commission (“FTC”) announced a proposed regulation (the “Proposed Rule”) that would ban non-compete agreements imposed against workers by employers. The Proposed Rule includes a narrow… more

Employment Contract, Exceptions, Federal Trade Commission (FTC), Non-Compete Agreements, NPRM

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Michael Zuppone

Kraken Consents to SEC Injunction and Ceases Marketing its Staking-as-a-Service Program

In a headline-grabbing action, the Securities and Exchange Commission (“SEC”) announced on February 9 that it had instituted and settled an enforcement action against Kraken, a large crypto trading platform, in which it alleged… more

Cryptocurrency, Digital Assets, Enforcement Actions, Howey, Popular

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Arthur Zwickel

SEC Reporting Obligations Under Section 13 and Section 16 of the Exchange Act - UPDATED February 2025

This legal update summarizes (a) the reporting requirements under Section 13(d), (f), (g) and (h) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which are generally applicable to persons that own or… more

Beneficial Owner, Broker-Dealer, Disclosure Requirements, Filing Requirements, Insider Trading

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Zachary Zwillinger

Supreme Court Rules Pure Omissions Not Actionable under Rule 10b-5

On April 12, 2024, the U.S. Supreme Court issued its decision in Macquarie Infrastructure Corp. v. Moab Partners, L.P., No. 22-1165, 601 U.S. __ (Apr. 12, 2024), in which the Court held that pure omissions are not actionable… more

Disclosure Requirements, Failure To Disclose, Macquarie Infrastructure Corp v Moab Partners LP, Omissions, Rule 10(b)

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