Akin Gump Strauss Hauer & Feld LLP

CryptoLink - May 2025

In May 2025, the leadership from the SEC provided guidance on digital asset regulation in several keynote addresses and round tables. The SEC's activities in May 2025 suggest a deliberate movement towards establishing a more… more

Capital Markets, Cryptocurrency, Digital Assets, Financial Regulatory Reform, New Guidance

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Republicans Pass the One Big Beautiful Bill Act Ahead of the July 4 Deadline

On June 16, 2025, Senate Finance Committee Chairman Mike Crapo released text and a section-by-section summary of the Senate’s proposed One Big Beautiful Bill Act. The Senate passed a revised version of this measure on July 1,… more

Budget Reconciliation, Congressional Budget Office, Federal Funding, Healthcare Reform, Medicaid

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OMB Issues Final Buy America Rule and Guidance for Infrastructure Projects

On August 14, 2023, the Office of Management and Budget (OMB) released a pre-publication version of final guidance implementing the Build America, Buy America Act (BABAA).The guidance adds a new Part 184 in 2 C.F.R. and… more

Buy American Act, Federal Acquisition Regulations (FAR), Fiber Optic Cables, Final Rules, Infrastructure

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COBRA Premium Subsidy under the American Rescue Plan Act of 2021 and IRS Notice 2021-31

On May 18, 2021, the Internal Revenue Service (IRS) released Notice 2021-31 (the “Notice”) providing guidance in Q&A format on the application of the temporary COBRA premium assistance provisions of the American Rescue Plan Act… more

American Rescue Plan Act of 2021, COBRA, Department of Labor (DOL), Employee Benefits, Employer Group Health Plans

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ESG Sukuk: A Next Step in the Evolution of the Global Sukuk Market

In recent years, the relevance and growth of environmental, social and governance (ESG) principles in investments has captured the attention of the global business community. With Shari'ah-compliant investing also continuing to… more

Capital Markets, Corporate Governance, Corporate Social Responsibility, Environmental Social & Governance (ESG), Financial Institutions

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Autonomous Akin Update - August 2023

Our newsletter reflects the focus of Akin’s cross-practice autonomous systems and advanced mobility team on developments in the regulatory, policy, trade, intellectual property, and cybersecurity and privacy spaces. Autonomous… more

Airlines, Automation Systems, Aviation Industry, Clean Energy, Critical Infrastructure Sectors

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CPPA Issues Its First Draft of CPRA Regulations

Companies are now on the clock for comments on the new proposed California Privacy Rights Act (CPRA) regulations. On July 8, 2022, the California Privacy Protection Agency (CPPA) filed a Notice of Proposed Action, triggering a… more

California Privacy Rights Act (CPRA), Consumer Privacy Rights, Cybersecurity, Data Collection, Data Privacy

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The EU Corporate Sustainability Due Diligence Directive

The EU Corporate Sustainability Due Diligence Directive (CSDDD), which came into force on 25 July 2024, represents a significant step by the European Union (EU) to integrate sustainable practices into the core operational… more

Compliance, Due Diligence, Environmental Impact Report (EIR), EU, Human Rights

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Liability Management in Uncertain Times

The potentially significant economic downturn in 2020 triggered by the COVID-19 pandemic, and for companies in the energy sector, extremely low commodity prices, increases the likelihood that many companies may develop liquidity… more

Corporate Governance, Corporate Liability, Economic Downturn, Investment Management, Liquidity

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New Privacy and Cybersecurity Obligations for Private Fund Sponsors and Managers

Last week, the Securities and Exchange Commission imposed expanded privacy and cybersecurity obligations on fund managers and sponsors registered with the SEC as investment advisers. While many registered investment advisers… more

Breach Notification Rule, Customer Information, Cybersecurity, Fund Managers, Incident Response Plans

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Court Dismisses Patent Claims Directed to Intermittent Fault Detection in Electrical Systems for Aircrafts as Ineligible Subject Matter Under 35 U.S.C. § 101

A district court recently granted a Rule 12(b)(6) dismissal of patent claims directed to intermittent fault detection (IFD) technology for electrical systems in aircrafts, deciding that the asserted claims are patent ineligible… more

Alice/Mayo, Dismissals, Patent Infringement, Patent Invalidity, Patent-Eligible Subject Matter

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ArbitrateAD Rules Match Pace Set in Regional Centres

The Abu Dhabi International Arbitration Centre (ArbitrateAD) replaced the Abu Dhabi Commercial Conciliation and Arbitration Centre (ADCCAC) effective 1 February 2024. ArbitrateAD’s aim is to be “the world’s leading catalyst for… more

Arbitration, Arbitration Awards, Dispute Resolution, Foreign Arbitration Clauses, International Arbitration

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Changes to EMIR Reporting Responsibilities from 18 June 2020 – Key Considerations

Derivatives reporting responsibilities under the European Market Infrastructure Regulation (EMIR) will change from 18 June 20201, as (i) alternative investment fund managers (AIFMs) will become responsible for reporting for… more

Alternative Investment Funds, Derivatives, EMIR, EU, European Securities and Markets Authority (ESMA)

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SEC to Consider Changes to “Foreign Private Issuer” Eligibility Criteria

On June 4, 2025, the U.S. Securities and Exchange Commission (the “SEC”) published a concept release soliciting public comment on potential changes to the definition of “foreign private issuer” (“FPI”)… more

Capital Markets, Disclosure Requirements, Foreign Private Issuers, Proposed Rules, Regulatory Reform

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Significant Cuts to IRA Clean Energy Tax Credits Included in Enacted Reconciliation Bill

President Trump signed the “One, Big, Beautiful Bill Act” (the “OBBB”) into law on July 4, 2025. Congress passed the legislation using the budget reconciliation process to avoid the 60-vote Senate filibuster. In addition to… more

Clean Energy, Energy Tax Incentives, Executive Orders, Inflation Reduction Act (IRA), Internal Revenue Code (IRC)

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Private Equity Deal Activity Review & 2025 Outlook

Despite initial expectations for a strong rebound in M&A activity driven by pent-up demand, private equity managers saw a slower recovery in 2024 than initially expected, with improvement in the latter half of the year… more

Acquisitions, Artificial Intelligence, Energy Sector, Healthcare, Initial Public Offering (IPO)

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New Year's Resolutions for the Secondaries Space

As we begin the annual ritual of making our personal New Year’s resolutions, it’s a great time for secondaries market participants to do the same. As we gear up for what is expected to be an active 2024, here are our suggestions… more

Anti-Money Laundering, Beneficial Owner, Business Transfer Agreements, Corporate Transparency Act, Fund Managers

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CryptoLink - May 2025

In May 2025, the leadership from the SEC provided guidance on digital asset regulation in several keynote addresses and round tables. The SEC's activities in May 2025 suggest a deliberate movement towards establishing a more… more

Capital Markets, Cryptocurrency, Digital Assets, Financial Regulatory Reform, New Guidance

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SEC Approves Tick Size Pilot Program

In response to the initial proposal received last August from the national securities exchanges and the Financial Industry Regulatory Authority (FINRA), the U.S. Securities and Exchange Commission (SEC) announced on May 6, 2015,… more

Financial Industry Regulatory Authority (FINRA), Securities and Exchange Commission (SEC), Small Cap Stocks, Tick Size

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Akin Intelligence - May 2025

On May 13, 2025, the Commerce Department’s Bureau of Industry and Security (BIS) announced that the Commerce Department initiated a rescission of the Biden Administration’s Framework for Artificial Intelligence Diffusion (“AI… more

Artificial Intelligence, Biden Administration, Bots, Bureau of Industry and Security (BIS), Collective Actions

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The U.S. Securities and Exchange Commission's Scrutiny of Greenwashing Risks Continues with Modifications to the ’40 Act Names Rule

On September 20, 2023, the U.S. Securities and Exchange Commission (SEC) issued a final rule amending the so-called “Names Rule” (found here) that is “designed to modernize and enhance” protections under Rule 35d-1 of the… more

Capital Markets, Environmental Social & Governance (ESG), Final Rules, Greenwashing, Investment Company Act of 1940

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Florida Enacts Anti-ESG Legislation – House Bill 3 Explained

On May 2, 2023, Gov. Ron DeSantis (R-FL) signed into law House Bill 3 (HB3), legislation that, among other things, blocks the consideration of environmental, social and governance (ESG) factors in state and local investment… more

Corporate Governance, Environmental Social & Governance (ESG), Financial Institutions, Florida, Governor DeSantis

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CryptoLink - April 2024 Updates

The big news in crypto policy came out of the Senate this month. On April 17, Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) partnered once again in the digital asset space, this time introducing the… more

CFTC, Cryptocurrency, Digital Assets, Financial Markets, Financial Services Industry

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What Does “Defend, Indemnify and Hold Harmless” Mean?

The phase “defend, indemnify, and hold harmless” is found in many, if not most, contracts with liability allocation provisions, across multiple industries. However, many parties do not have a complete understanding of what,… more

Allocation of Liability, Contract Drafting, Contract Terms, Duty to Defend, Duty to Indemnify

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May – June 2025 Regulatory Round-Up

HM Treasury (HMT) and the Financial Conduct Authority (FCA) have launched consultations proposing a streamlined regulatory framework for UK AIFMs. The key proposals include: These reforms aim to introduce a more proportional and… more

Artificial Intelligence, Asset Management, Disclosure Requirements, Financial Regulatory Reform, Investment Funds

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Global Private Equity/M&A Survey 2021: Opportunities Ahead

Welcome to the Akin Gump Global Private Equity/M&A Survey 2021: Opportunities Ahead. The last 12 months have been hugely challenging for dealmakers around the world but, after an initial period of disruption following… more

Acquisitions, Capital Markets, Cross-Border, Foreign Investment, Global Dealmaking

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The Upcoming UK Hydrogen Strategy – What to Expect

The Financial Times has reported that the United Kingdom’s highly anticipated and delayed hydrogen strategy is due to be published next week. The strategy should offer clarity as to the specific policies that will be put in… more

Climate Change, Electricity, Energy Projects, Energy Sector, Hydrogen Power

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Rundown of Recent Developments in Covenant Running with the Land Tension

Concerns Raised by Sabine - The seminal decisions in Sabine Oil & Gas Corp. v. Nordheim Eagle Ford Gathering, LLC provided guidance on whether midstream and transportation providers can rely on the contractual dedications… more

Adversary Proceedings, Bankruptcy Court, Chapter 11, Commercial Bankruptcy, Contract Terms

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US Supreme Court Declines to Resolve Pleading Requirements for Securities Fraud Claims

In an unexpected turn of events, the U.S. Supreme Court recently dismissed without explanation two securities fraud class action cases out of the U.S. Court of Appeals for the 9th Circuit—Facebook, Inc. v. Amalgamated Bank [No… more

Appeals, Class Action, Corporate Counsel, Dismissals, Facebook

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Akin Intelligence - May 2025

On May 13, 2025, the Commerce Department’s Bureau of Industry and Security (BIS) announced that the Commerce Department initiated a rescission of the Biden Administration’s Framework for Artificial Intelligence Diffusion (“AI… more

Artificial Intelligence, Biden Administration, Bots, Bureau of Industry and Security (BIS), Collective Actions

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The Post-Revlon Reaction: Pitfalls for Lenders in the Proposed Erroneous Payment Language

To address the key issue in the litigation In re: Citibank August 11, 2020 Wire Transfers, on March 19, 2021, the Loan Syndication and Trading Association (LSTA) circulated a Market Advisory that contains draft erroneous payment… more

Banking Sector, Credit Agreements, Financial Institutions, Financial Services Industry, Lenders

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UK Announces Proposals for Crypto Regulation

The UK government has announced that it plans to regulate crypto under its existing financial services regime. Under the proposals, crypto will be subject to the UK Financial Services and Markets Act 2000 and under the remit of… more

Blockchain, Cryptoassets, Cryptocurrency, Digital Assets, Financial Conduct Authority (FCA)

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DOJ Hits Play: The End of the FCPA “Pause” and Return to Enforcement

On June 9, 2025, the Deputy Attorney General issued a Memorandum detailing the administration’s new FCPA guidelines for all current and future investigations and enforcement actions. According to the Head of DOJ’s Criminal… more

Anti-Corruption, Bribery, Criminal Prosecution, Department of Justice (DOJ), Enforcement Actions

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SEC to Consider Changes to “Foreign Private Issuer” Eligibility Criteria

On June 4, 2025, the U.S. Securities and Exchange Commission (the “SEC”) published a concept release soliciting public comment on potential changes to the definition of “foreign private issuer” (“FPI”)… more

Capital Markets, Disclosure Requirements, Foreign Private Issuers, Proposed Rules, Regulatory Reform

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NEPA Is the Spotlight: FERC Overhauls Its NEPA Guidance to Streamline Permitting Days Before One Big Beautiful Bill Act Updates the Statute

On June 30, 2025, the Federal Energy Regulatory Commission (FERC) and U.S. Department of Energy (DOE) issued updated National Environmental Policy Act (NEPA) rules and guidance that will impact the permitting process for energy… more

Energy Projects, Executive Orders, FERC, Final Rules, NEPA

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Trump Administration Issues Travel Bans and Restrictions for Nationals of 19 Countries

On June 4, 2025, President Trump announced restrictions on entry to the United States by nationals of several designated countries. The Executive Order (EO) titled “Restricting the Entry of Foreign Nationals to Protect the… more

Constitutional Challenges, Executive Orders, Foreign Nationals, Harvard University, Immigration and Nationality Act

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UK Government Consultation on Proposed Power to Block Listings on National Security Grounds

Key Points - The proposed power would allow the UK Government to block initial equity listings and admissions on UK public markets on the grounds of national security. The listing of debt securities (other than… more

Blocking Power, Debt Securities, Financial Conduct Authority (FCA), HM Treasury, National Security

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President Trump Issues America First Investment Policy Refocusing CFIUS and Outbound Investment Approach

On February 21, 2025, President Trump issued the America First Investment Policy Memorandum, which emphasizes the U.S. commitment to a strong, open investment environment while reshaping the U.S. government’s policy towards… more

CFIUS, China, Economic Sanctions, Export Administration Regulations (EAR), Foreign Investment

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Akin Intelligence - May 2025

On May 13, 2025, the Commerce Department’s Bureau of Industry and Security (BIS) announced that the Commerce Department initiated a rescission of the Biden Administration’s Framework for Artificial Intelligence Diffusion (“AI… more

Artificial Intelligence, Biden Administration, Bots, Bureau of Industry and Security (BIS), Collective Actions

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Kingdom of Saudi Arabia Approves Amendments to Personal Data Protection Law and Confirms September 2023 Effective Date

On March 27, 2023, the Kingdom of Saudi Arabia (KSA) Council of Ministers approved a series of 27 amendments (the Amendments) to the KSA Personal Data Protection Law (PDPL) pursuant to Royal Decree No. M148 of 05/09/1444H (the… more

Amended Legislation, Data Protection, General Data Protection Regulation (GDPR), Personal Data, Privacy Laws

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10 Health Issues to Watch as Congress Returns from August Recess

Health care has been one of the most active issue areas in the 118th Congress. The activity by the health committees of jurisdiction in both the House and the Senate has been fueled in part by efforts to reauthorize various… more

Animal Drugs, Coronavirus/COVID-19, DEA, Department of Health and Human Services (HHS), Drug Pricing

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Chevron Runs Out of Gas: The Bumpy Road Ahead for Health Regulations After Loper Bright

On June 28, in Loper Bright Enterprises v. Raimondo, the Supreme Court overturned the longstanding Chevron doctrine, under which courts generally granted deference to a federal agency’s reasonable interpretation of ambiguous… more

Administrative Procedure Act, Centers for Medicare & Medicaid Services (CMS), Chevron Deference, Chevron v NRDC, Corner Post Inc v Board of Governors of the Federal Reserve System

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Akin Intelligence - May 2025

On May 13, 2025, the Commerce Department’s Bureau of Industry and Security (BIS) announced that the Commerce Department initiated a rescission of the Biden Administration’s Framework for Artificial Intelligence Diffusion (“AI… more

Artificial Intelligence, Biden Administration, Bots, Bureau of Industry and Security (BIS), Collective Actions

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Reminder to Managers of New Fund Marketing Rules in the EU

1. Overview The new rules on the promotion of funds introduced by the new Cross-Border Distribution of Collective Investment Undertakings Directive and Regulation (Cross-Border Distribution of Funds (CBDF) Rules) are due to… more

AIFM, Alternative Investment Fund Managers Directive (AIFMD), Cross-Border, EU, European Securities and Markets Authority (ESMA)

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“Under the Wire” E-Comms Settlements: More Confusion Than Closure

On January 13, 2025, the U.S. Securities and Exchange Commission announced settled enforcement actions with five registered investment advisers for failing to maintain and preserve internal electronic communications. These nine… more

Administrative Procedure Act, Cease and Desist Orders, Compliance, Electronic Communications, Enforcement Actions

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Delaware Supreme Court Rules on Impact of Seller’s Actions in Response to COVID-19 in M&A Transaction

Key Points - On December 7, 2021, the Delaware Supreme Court unanimously upheld the Court of Chancery’s decision in AB Stable VIII LLC v. MAPS Hotels and Resorts One LLC, finding that certain actions taken by the Seller in… more

Acquisitions, Coronavirus/COVID-19, DE Supreme Court, Material Adverse Effects, Merger Agreements

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The New UK Listing Rules - The Most Significant Change to the UK’s Listing Regime in 40 Years

The new reforms to the UK listing regime (Listing Rules) published by the Financial Conduct Authority (FCA) came into force on Monday 29 July 2024, marking the most significant change to the UK’s listing regime in 40 years as… more

Capital Markets, Controlling Stockholders, Dual Class Share Structures, Equity, EU

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Restructuring Plans and Chapter 11: A Transatlantic Perspective

When the Corporate Insolvency and Governance Act 2020 (CIGA) introduced the restructuring plan in England, comparisons with plans of reorganization under chapter 11 of the United States Bankruptcy Code (U.S. Bankruptcy Code)… more

Absolute Priority Rule, Chapter 11, Corporate Insolvency and Governance (CIG) Act 2020, Corporate Restructuring, Debtors-in-Possession

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Significant Cuts to IRA Clean Energy Tax Credits Included in Enacted Reconciliation Bill

President Trump signed the “One, Big, Beautiful Bill Act” (the “OBBB”) into law on July 4, 2025. Congress passed the legislation using the budget reconciliation process to avoid the 60-vote Senate filibuster. In addition to… more

Clean Energy, Energy Tax Incentives, Executive Orders, Inflation Reduction Act (IRA), Internal Revenue Code (IRC)

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Texas Enacts New Pro-Business Law to Expand Its Appeal as a Hub for Business Incorporations

On May 14, 2025, Gov. Greg Abbott (R-TX) signed Texas Senate Bill 29 (SB29) into law. This legislation introduces notable amendments to the Texas Business Organizations Code (TBOC) and is part of a broader strategy to encourage… more

Board of Directors, Business Judgment Rule, Business Litigation, Corporate Governance, Derivative Suit

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Key Medicare Issues to Watch in Lame Duck Session

Washington, D.C. is currently focused on a September continuing resolution (CR) to keep the federal government funded, but it is worth looking ahead to the broader health care horizon and the key Medicare issues that await… more

Biden Administration, Centers for Medicare & Medicaid Services (CMS), Coronavirus/COVID-19, Health Care Providers, Inflation Reduction Act (IRA)

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Republicans Pass the One Big Beautiful Bill Act Ahead of the July 4 Deadline

On June 16, 2025, Senate Finance Committee Chairman Mike Crapo released text and a section-by-section summary of the Senate’s proposed One Big Beautiful Bill Act. The Senate passed a revised version of this measure on July 1,… more

Budget Reconciliation, Congressional Budget Office, Federal Funding, Healthcare Reform, Medicaid

See all updates »

US Supreme Court Declines to Resolve Pleading Requirements for Securities Fraud Claims

In an unexpected turn of events, the U.S. Supreme Court recently dismissed without explanation two securities fraud class action cases out of the U.S. Court of Appeals for the 9th Circuit—Facebook, Inc. v. Amalgamated Bank [No… more

Appeals, Class Action, Corporate Counsel, Dismissals, Facebook

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Republicans Pass the One Big Beautiful Bill Act Ahead of the July 4 Deadline

On June 16, 2025, Senate Finance Committee Chairman Mike Crapo released text and a section-by-section summary of the Senate’s proposed One Big Beautiful Bill Act. The Senate passed a revised version of this measure on July 1,… more

Budget Reconciliation, Congressional Budget Office, Federal Funding, Healthcare Reform, Medicaid

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Conflicting Decisions Under 28 U.S.C. § 1782: How Should International Commercial Arbitration Deal With the Shifting Landscape?

On December 7, 2020, parties and practitioners in international commercial arbitration came one step closer to resolving the threshold question of the applicability of 28 U.S.C. § 1782 to international commercial tribunals… more

28 U.S.C. § 1782, Arbitration, Commercial Arbitration, Discovery, Federal Arbitration Act

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Chevron Runs Out of Gas: The Bumpy Road Ahead for Health Regulations After Loper Bright

On June 28, in Loper Bright Enterprises v. Raimondo, the Supreme Court overturned the longstanding Chevron doctrine, under which courts generally granted deference to a federal agency’s reasonable interpretation of ambiguous… more

Administrative Procedure Act, Centers for Medicare & Medicaid Services (CMS), Chevron Deference, Chevron v NRDC, Corner Post Inc v Board of Governors of the Federal Reserve System

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Corporate Insolvency and Governance Act

The Corporate Insolvency and Governance Act (the “Act”) received Royal Assent on 25 June 2020 and is now in force. As anticipated in our client alert of 26 May 2020, the Act represents the most extensive changes in the… more

Coronavirus/COVID-19, Corporate Governance, Corporate Insolvency and Governance Bill 2020 (“CIGB”), Corporate Restructuring, Insolvency

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DOJ Hits Play: The End of the FCPA “Pause” and Return to Enforcement

On June 9, 2025, the Deputy Attorney General issued a Memorandum detailing the administration’s new FCPA guidelines for all current and future investigations and enforcement actions. According to the Head of DOJ’s Criminal… more

Anti-Corruption, Bribery, Criminal Prosecution, Department of Justice (DOJ), Enforcement Actions

See all updates »

Making Waves No Longer: SEC Abandons Climate Disclosure Rule

In a widely anticipated move, the U.S. Securities and Exchange Commission (SEC) has announced that it will no longer defend the agency’s climate disclosure rule issued during the Biden administration. The disclosure rule (Final… more

Biden Administration, Climate Change, Corporate Counsel, Disclosure Requirements, Environmental Social & Governance (ESG)

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Space Law, Regulation and Policy Update - July 11, 2025

Good Afternoon! It’s been a busy couple of weeks in the orbit of Washington. President Trump nominated a new NASA Administrator, and the “Big Beautiful Bill” gave Space Force a big budget bump. Meanwhile, scientists and the… more

Aerospace, Budget Cuts, China, International Trade, NASA

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NTIA Issues Important Guidance to Broadband Providers and States on Over $40 Billion Broadband Equity, Access and Deployment Program

On May 13, 2022, the U.S. Department of Commerce’s National Telecommunications and Information Administration (NTIA) released the Notice of Funding Opportunity (NOFO) for the Broadband Equity, Access and Deployment (BEAD)… more

Broadband, Critical Infrastructure Sectors, FCC, Internet Service Providers (ISPs), Telecommunications

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Private Funds Remain a Top Priority for the SEC in 2022: A Review of Recent Cases and Their Implications for Private Fund Managers

Late last year, Securities and Exchange Commission (SEC) Chair Gary Gensler warned private fund managers that they should be prepared for increased regulatory scrutiny. Shortly thereafter, in February 2022, the SEC announced a… more

Broker-Dealer, Enforcement Actions, Environmental Social & Governance (ESG), Fund Managers, Investment Adviser

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New Antidumping Duty Petition on Brass Rod from Brazil, India, Israel, Mexico, South Africa and South Korea and Countervailing Duty Petition on Brass Rod from India, Israel and South Korea

On April 27, 2023, a coalition of domestic producers of brass rod filed a petition with the United States Department of Commerce (DOC) and the U.S. International Trade Commission (ITC) seeking the imposition of antidumping (AD)… more

Anti-Dumping Duty, Countervailing Duties, Export Controls, Exports, Imports

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2025 Perspectives in Private Equity: Energy

As an industry at the frontline of navigating a shifting policy backdrop under the new Trump administration, pre-imposition of “Independence Day” Tariffs, energy was experiencing a growth in interest from private equity sponsors… more

Climate Change, Energy Policy, Energy Sector, Inflation Reduction Act (IRA), Investment Funds

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Make (Whole) A Minute: Brazos Bankruptcy Update

Beginning on February 13, 2021, something unprecedented happened in the state of Texas—a winter storm caused temperatures to dip well-below freezing. This event, dubbed the “Black Swan Winter Event,” caused Texas to experience… more

Bankruptcy Code, Chapter 11, Commercial Bankruptcy, Electricity, Energy Sector

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An Opportunity for Bipartisan Action: Congress and the Biden-Harris Administration Respond to Growing Mental Health and Substance Use Challenges

In October of 2018, Congress passed the SUPPORT for Patients and Communities Act (P.L. 115-271). The comprehensive opioid treatment law passed both chambers of Congress with large bipartisan support and tackled many aspects of… more

Biden Administration, Drug & Alcohol Abuse, Mental Health, Opioid, Prescription Drugs

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Republicans Pass the One Big Beautiful Bill Act Ahead of the July 4 Deadline

On June 16, 2025, Senate Finance Committee Chairman Mike Crapo released text and a section-by-section summary of the Senate’s proposed One Big Beautiful Bill Act. The Senate passed a revised version of this measure on July 1,… more

Budget Reconciliation, Congressional Budget Office, Federal Funding, Healthcare Reform, Medicaid

See all updates »

Understanding the 2024 Title IX Regulations: Expansions and Enhancements in Education Rights

The U.S. Department of Education recently issued final regulations governing Title IX, the federal civil rights law prohibiting sex-based discrimination in education programs or activities—such as public or private schools,… more

Anti-Discrimination Policies, Department of Education, New Regulations, Reporting Requirements, Retaliation

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Cybersecurity & Data Privacy Issues in Fund Finance

During the course of any lending transaction, lenders will conduct a due diligence review of the borrower, including reviewing any relevant “know-your-customer” information. In the context of a fund finance transaction, this due… more

Borrowers, California Consumer Privacy Act (CCPA), Cybersecurity, Data Privacy, Data Protection

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President Trump Issues America First Investment Policy Refocusing CFIUS and Outbound Investment Approach

On February 21, 2025, President Trump issued the America First Investment Policy Memorandum, which emphasizes the U.S. commitment to a strong, open investment environment while reshaping the U.S. government’s policy towards… more

CFIUS, China, Economic Sanctions, Export Administration Regulations (EAR), Foreign Investment

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No Slowdown in Sight When It Comes to Focus on Drug Pricing Policy

Congress may be in recess, but that has not slowed down drug pricing policy developments. In recent days, the Centers for Medicare & Medicaid Services (CMS) and the Congressional Budget Office (CBO) have rolled out a series of… more

Centers for Medicare & Medicaid Services (CMS), Congressional Budget Office, Drug Pricing, General Elections, Generic Drugs

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DOJ Hits Play: The End of the FCPA “Pause” and Return to Enforcement

On June 9, 2025, the Deputy Attorney General issued a Memorandum detailing the administration’s new FCPA guidelines for all current and future investigations and enforcement actions. According to the Head of DOJ’s Criminal… more

Anti-Corruption, Bribery, Criminal Prosecution, Department of Justice (DOJ), Enforcement Actions

See all updates »

New California Laws Provide Private Right of Action for Unlawful Restrictive Covenants; Require Notice to Affected Employees by February 14, 2024

Key Points - New California statutes provide California employees with private right of action against firms that promulgate, maintain or try to enforce unlawful restrictive covenants. By February 14, 2024, firms must provide… more

California, Labor Code, Non-Compete Agreements, Non-Solicitation Agreements, Private Right of Action

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Oil & Gas in 2025: Emerging Trends & Predictions

As we enter 2025 with a new president in the White House and Republicans in control of both the House and the Senate, we can look forward to a significant shift in the landscape for oil & gas transactions. The second Trump… more

Biden Administration, Clean Energy, Climate Change, Energy Policy, Energy Sector

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The Ascent of Private Credit in Sports: An Era of New Opportunities

The sports industry has become a significant global economic force, generating hundreds of billions of dollars annually on a worldwide basis and operating within an increasingly complex financial landscape. Professional sports… more

Capital Markets, Financing, Investment, Private Equity, Sports

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FDA Debuts a New Communications and Compliance Tool for Device Data Integrity Concerns

Yesterday, the U.S. Food and Drug Administration (FDA) updated its website to provide new information on data integrity concerns relating to medical devices. Over a year ago, FDA’s device center, the Center for Devices and… more

Compliance, Data Integrity, Enforcement Actions, Food and Drug Administration (FDA), Medical Devices

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What Can Private Equity Firms Do to Re-incentivise Management?

There are a variety of options; and which might work depends upon the circumstances. There are a number of issues to consider, such as the level of consent required to make changes to the structure. There are likely significant… more

Fund Managers, Investment, Investment Management, Investors, Private Equity

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Trump Administration Issues Executive Order Increasing Oversight of Foreign Funding at Universities

On April 23, 2025, President Donald Trump signed an Executive Order (EO) entitled “Transparency Regarding Foreign Influence at American Universities” and issued an accompanying Fact Sheet. The EO rekindles initiatives from the… more

Colleges, Disclosure Requirements, Enforcement Actions, Executive Orders, False Claims Act (FCA)

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M&A Activity Remains Cool Despite Megadeals Trends in Oil & Gas Series: Part 2 of 5

It seems likely the year ahead will see only a modest rebound in mergers & acquisitions (M&A) activity. Among the challenges that remain for 2024, one challenge to further deal activity is the potential shortage of attractive… more

Acquisitions, Energy Sector, Mergers, Oil & Gas, Policies and Procedures

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Implications of US Department of Energy Decision to ‘Pause’ Authorizations of Liquefied Natural Gas Exports May Extend Beyond Delays to Pending Projects

On January 26, 2024, the Biden-Harris Administration announced that it would place a temporary “pause” on pending decisions to export liquefied natural gas (LNG) to countries with which the United States has not entered into a… more

Bilateral Investment Treaties, Climate Change, Department of Energy (DOE), Energy Policy Act, Energy Projects

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President Trump Places His Early Mark on Export Controls

Howard Lutnick has been confirmed as Secretary of Commerce, while Jeffrey Kessler has been nominated for Under Secretary for Industry and Security. Both have more experience with trade policy and tariffs than with export… more

America First Trade Policy, Bureau of Industry and Security (BIS), China, Executive Orders, Export Controls

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Trump Administration Issues Sweeping Sanctions Relief for Syria

On May 23, 2025, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued Syria General License (GL) 25 to provide immediate sanctions relief for Syria in line with President Trump’s May 13, 2025… more

Economic Sanctions, Executive Orders, Foreign Policy, General Licenses, International Trade

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Restructuring Plans and Chapter 11: A Transatlantic Perspective

When the Corporate Insolvency and Governance Act 2020 (CIGA) introduced the restructuring plan in England, comparisons with plans of reorganization under chapter 11 of the United States Bankruptcy Code (U.S. Bankruptcy Code)… more

Absolute Priority Rule, Chapter 11, Corporate Insolvency and Governance (CIG) Act 2020, Corporate Restructuring, Debtors-in-Possession

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SEC Ramp Up Means Increased Enforcement Coming to Crypto Platforms, DeFi Exchanges and NFTs

On May 3, the Securities and Exchange Commission (SEC) announced that it was nearly doubling the size of the Enforcement Division’s Crypto Assets and Cyber Unit in order to pursue cases involving crypto asset offerings, crypto… more

Blockchain, Cryptocurrency, Decentralized Finance (DeFi), Digital Assets, Financial Markets

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DOJ National Security Division Updates Corporate Crime Enforcement Policy and Issues Whistleblower Policy

Executive Summary - - On March 7, 2024, the NSD of the DOJ issued an updated NSD Enforcement Policy to include a new section covering VSDs in connection with mergers and acquisitions. - These updates follow repeated… more

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

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Republicans Pass the One Big Beautiful Bill Act Ahead of the July 4 Deadline

On June 16, 2025, Senate Finance Committee Chairman Mike Crapo released text and a section-by-section summary of the Senate’s proposed One Big Beautiful Bill Act. The Senate passed a revised version of this measure on July 1,… more

Budget Reconciliation, Congressional Budget Office, Federal Funding, Healthcare Reform, Medicaid

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Oil & Gas in 2025: Emerging Trends & Predictions

As we enter 2025 with a new president in the White House and Republicans in control of both the House and the Senate, we can look forward to a significant shift in the landscape for oil & gas transactions. The second Trump… more

Biden Administration, Clean Energy, Climate Change, Energy Policy, Energy Sector

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FCC Chairman Outlines Proposals in Support of Build America Agenda

Chairman Carr delivered a speech in Sioux Falls, South Dakota, on July 2 titled “A Build Agenda for America” in which he laid out the FCC’s priorities for the remainder of President Donald Trump’s term. In citing to what he… more

Deregulation, FCC, Infrastructure, National Security, Regulatory Agenda

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Delaware Court of Chancery Issues Precedential Decision Addressing the Impact of COVID-19 on M&A Transaction, Finding Violation of Ordinary Course Covenant but No Material Adverse Effect

In AB Stable VIII LLC v. Maps Hotels and Resorts One LLC, the Delaware Court of Chancery issued a precedential decision addressing whether a buyer could walk away from an M&A transaction because the target company’s responses to… more

Acquisitions, Buyers, Coronavirus/COVID-19, Material Adverse Effects, Merger Agreements

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Oil & Gas in 2025: Emerging Trends & Predictions

As we enter 2025 with a new president in the White House and Republicans in control of both the House and the Senate, we can look forward to a significant shift in the landscape for oil & gas transactions. The second Trump… more

Biden Administration, Clean Energy, Climate Change, Energy Policy, Energy Sector

See all updates »

U.S. and Multilateral Russia-related Trade Policy and Import Restrictions

Key Points - The United States and its allies are banning imports or increasing tariffs on Russia’s top products—crude oil, petroleum, petroleum fuels, oils, liquefied natural gas, coal, fish, seafood, alcohol,… more

Belarus, Bureau of Industry and Security (BIS), Economic Sanctions, Energy Sector, Export Controls

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2025 Perspectives in Private Equity: AI & Technology

Technology continued to be an industry of particular focus for private equity (PE) through 2024. Blackstone’s $16 billion acquisition of data center platform Airtrunk was the largest deal of Q3 2024, according to Ernst & Young… more

Artificial Intelligence, Clean Energy, Cybersecurity, Data Privacy, Initial Public Offering (IPO)

See all updates »

California Insurance Commissioner Orders Premium Returns Due to COVID-19

- California Insurance Commissioner Ricardo Lara issued Bulletin 2020-3 requiring insurers to refund premiums to policyholders of several lines of insurance, including automobile insurance, workers compensation and property and… more

Auto Insurance, Casualty Insurance, Commercial Insurance Policies, Coronavirus/COVID-19, Department of Insurance

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2022 Economic Sanctions Year in Review and Outlook for 2023

Introduction - In 2022, the United States, European Union (EU) and United Kingdom, along with a significant number of other partners and allies, imposed an unprecedented number of economic, financial and trade sanctions on… more

Belarus, Economic Sanctions, Export Controls, Office of Foreign Assets Control (OFAC), Russia

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Oil & Gas in 2025: Energy Transition Opportunities

As we enter 2025 with a new president in the White House and Republicans in control of both the House and the Senate, we can look forward to a significant shift in the landscape for oil & gas transactions. The second Trump… more

Clean Energy, Climate Change, Energy Policy, Energy Projects, Energy Sector

See all updates »

Liability Management Exercises: A Transatlantic Perspective

Over recent years, a prolonged period of low interest rates, together with a competitive financing market, has resulted in greater leverage and control for private companies (and their sponsors) when it comes to negotiating… more

EU, Financial Markets, Financing, Liquidity, Private Equity

See all updates »

EU Parliament Votes On Climate Agenda

During the plenary session held the first week of June, the European Parliament voted on several items related to the European Union’s (EU) “Fit for 55” climate package. Debate and division continue to be strong. Key takeaways… more

Carbon Emissions, Climate Change, Emissions Trading System, Environmental Policies, EU

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OFSI Imposes Monetary Penalty Against Former Moscow Office of International Law Firm for Sanctions Breaches

On March 20, 2025, the U.K.’s Office of Financial Sanctions Implementation (OFSI) announced that, in accordance with section 146 of the Policing and Crime Act 2017 (PACA), a monetary penalty of £465,000 had been imposed against… more

Compliance, Due Diligence, Economic Sanctions, Enforcement Actions, Office of Financial Sanctions Implementation (OFSI)

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Tribal Nations Receive Governmental Resources in CARES Act

Tribal nations are governments. As such, they are responsible for the same type of governmental functions as state and local governments such as health, education, social services, infrastructure, elderly care, public safety,… more

CARES Act, Coronavirus/COVID-19, Financial Stimulus, Health and Safety, Infectious Diseases

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Reflections on Restructurings: UK Sanctions Regulator Clears Path for Future Restructurings

On 28 March 2023, the UK Office of Financial Sanctions Implementation of HM Treasury (“OFSI”) issued the “Bond amendments and restructurings for non-Designated Persons” general licence (General Licence - INT/2023/2824812) (the… more

Economic Sanctions, HM Treasury, Office of Financial Sanctions Implementation (OFSI), Office of Foreign Assets Control (OFAC), Russia

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So, What’d I Miss??? A Flurry of New Employment Laws Impact New York Firms

Key Points - The past eight months have featured the introduction of myriad new state and city laws impacting New York firms. From amendments to the NYC Fair Chance Act and NYS Paid Family Leave Law, to the expansion of… more

Artificial Intelligence, Background Checks, Criminal Background Checks, Employer Liability Issues, Fair Chance Act

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FDA Opens the Vault on Decision Letters—Releases Wave of Drug and Biologic CRLs

This morning, the U.S. Food and Drug Administration (FDA) announced the publication of more than 200 decision letters, also known as complete response letters (CRLs), with plans to release more from the archives. The CRLs… more

Biologics, Clinical Trials, Disclosure Requirements, Drug Pricing, Food and Drug Administration (FDA)

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From Crackdown to Calibration: The UK’s Evolving Carried Interest Regime

In November, we covered the UK government’s proposal to overhaul the tax treatment of carried interest in the United Kingdom—an effort to close perceived loopholes by shifting carried interest fully into the income tax regime,… more

Asset Management, Carried Interest, Financial Regulatory Reform, HM Treasury, Investment Management

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SEC to Consider Changes to “Foreign Private Issuer” Eligibility Criteria

On June 4, 2025, the U.S. Securities and Exchange Commission (the “SEC”) published a concept release soliciting public comment on potential changes to the definition of “foreign private issuer” (“FPI”)… more

Capital Markets, Disclosure Requirements, Foreign Private Issuers, Proposed Rules, Regulatory Reform

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CFTC Acting Chair Caroline D. Pham Announces CFTC’s 30-Day Enforcement Sprint

On February 25, 2025, the U.S. Commodity Futures Trading Commission (CFTC) released an enforcement advisory regarding the impact of self-reporting, cooperation and remediation in enforcement cases (the “Enforcement… more

CFTC, Compliance, Enforcement Actions, Financial Regulatory Reform, Financial Services Industry

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Public Investment in US Professional Sports: Opportunities and Challenges

The financial landscape of United States professional sports is rapidly evolving. Soaring team valuations, lucrative media rights deals, growing portfolios of ancillary assets and expanding global fanbases have reshaped the… more

Capital Markets, Corporate Finance, Corporate Governance, Infrastructure, Investment

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Navigating Relief Under the CARES Act in the Entertainment Industry

- The Paycheck Protection Program (PPP), contained within the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act” or the “Act”) signed by President Trump on March 27, 2020, creates a $349 billion loan facility to… more

CARES Act, Coronavirus/COVID-19, Economic Injury Disaster Loans, Entertainment Industry, Federal Loans

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Akin Intelligence - May 2025

On May 13, 2025, the Commerce Department’s Bureau of Industry and Security (BIS) announced that the Commerce Department initiated a rescission of the Biden Administration’s Framework for Artificial Intelligence Diffusion (“AI… more

Artificial Intelligence, Biden Administration, Bots, Bureau of Industry and Security (BIS), Collective Actions

See all updates »

Eleventh Circuit Decision “Marks” a Further Shift in the TCPA Landscape

Key Points - On January 27, 2020, the 11th Circuit held that telephone equipment must randomly or sequentially generate numbers in order to constitute an “automatic telephone dialing system” (ATDS) under the Telephone… more

ATDS, Auto-Dialed Calls, Class Action, Debt Collection, FCC

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2016 Changes to Delaware Law Go into Effect

Amendments to the Delaware General Corporation Law - Several significant amendments to the Delaware General Corporation Law (the DGCL) were signed into law on June 16, 2016, and went into effect on August 1, 2016.1 Most… more

Amended Regulation, Appraisal, Delaware General Corporation Law, Delaware Limited Liability Company Act, Limited Partnerships

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Supreme Court Narrows Federal Bribery Statute That Applies to State and Local Officials

On June 26, 2024, the U.S. Supreme Court held 6-3 in Snyder v. United States that a federal statute, 18 U.S.C. § 666(a)(1)(B), does not criminalize “gratuities” to state and local officials—i.e., payments made to those officials… more

Anti-Corruption, Appeals, Bribery, Compliance, Kickbacks

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PHMSA Issues Advance Notice of Proposed Rulemaking to Modernize LNG Facility Regulations

On May 5, 2025, the U.S. Department of Transportation’s (DOT) Pipeline and Hazardous Materials Safety Administration (PHMSA) published in the Federal Register an Advance Notice of Proposed Rulemaking (ANPRM) titled “Pipeline… more

Advanced Notice of Proposed Rulemaking (ANPRM), Department of Transportation (DOT), Energy Policy, Energy Sector, Executive Orders

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New Year's Resolutions for the Secondaries Space

As we begin the annual ritual of making our personal New Year’s resolutions, it’s a great time for secondaries market participants to do the same. As we gear up for what is expected to be an active 2024, here are our suggestions… more

Anti-Money Laundering, Beneficial Owner, Business Transfer Agreements, Corporate Transparency Act, Fund Managers

See all updates »

Trusty Confirmation Hearing at the Senate Commerce Committee Focuses on Broadband, Auction Authority and National Security

Olivia Trusty, nominee for the open Republican Federal Communications Commission (FCC or Commission) Commissioner position, appeared before the U.S. Senate Committee on Commerce, Science, and Transportation. Trusty has… more

Broadband, Cybersecurity, FCC, National Security, Regulatory Agenda

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Department of Energy Continues to Issue Orders that Support Liquefied Natural Gas Exports with Extension Authorization to Golden Pass LNG Terminal LLC

On March 5, 2025, the United States Department of Energy (DOE) approved Golden Pass LNG Terminal LLC’s (GPLNG) request to extend a deadline to begin exporting liquefied natural gas (LNG) from its terminal facility currently… more

Department of Energy (DOE), Energy Policy, Energy Sector, Exports, FERC

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Commerce Imposes Significant New Controls on Advanced Semiconductors

On October 17, 2023, the Commerce Department’s Bureau of Industry and Security (BIS) released three rules amending the Export Administration Regulations (EAR) that significantly build on the October 7, 2022 semiconductor… more

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

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DOJ Announces First-Ever Corporate Declination Under National Security Division’s Voluntary Self-Disclosure Program

Key Points - On May 21, 2024, the DOJ announced its first ever declination under the NSD’s updated Enforcement Policy, declining to prosecute Sigma-Aldrich Inc., d/b/a MilliporeSigma (a subsidiary of Merck KGaA, Darmstadt,… more

Bureau of Industry and Security (BIS), Corporate Counsel, Department of Justice (DOJ), Directorate of Defense Trade Controls (DDTC), Enforcement

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Fifth Circuit Invalidates DACA: What the Decision Means for DACA Recipients and Their Employers

Key Points - Fifth Circuit Court of Appeals ruled that the DACA program violates the Administrative Procedure Act. Court remanded the case to the District Court in light of the newly published DACA regulation… more

DACA, Department of Homeland Security (DHS), Employment Authorization Documents (EAD), Form I-9, Immigration Procedures

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Proposed Constitutional Reform in Mexican Power Sector

On October 1, 2021, Mexico’s President Andrés Manuel López Obrador submitted to the House of Representatives a bill to amend the Mexican constitution in respect of the electric power sector. The bill aims to reassert the Mexican… more

Constitutional Amendment, Electricity, Energy Projects, Energy Reform, Energy Sector

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PJM Board Moves Forward with MOPR Overhaul

The board of managers of PJM Interconnection, L.L.C. (PJM) has directed PJM to prepare a proposal for filing with the Federal Energy Regulatory Commission (FERC) that will substantially reform the Minimum Offer Price Rule (MOPR)… more

Electric Generation Suppliers, Electricity, Energy Market, Energy Policy, Energy Sector

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Akin Intelligence - May 2025

On May 13, 2025, the Commerce Department’s Bureau of Industry and Security (BIS) announced that the Commerce Department initiated a rescission of the Biden Administration’s Framework for Artificial Intelligence Diffusion (“AI… more

Artificial Intelligence, Biden Administration, Bots, Bureau of Industry and Security (BIS), Collective Actions

See all updates »

UK Government Backed Financing 2.0: Coronavirus Large Business Interruption Loan Scheme for UK Businesses Now Live

Further to the Chancellor’s announcement on April 3, 2020, of the introduction of the Coronavirus Large Business Interruption Loan Scheme (CLBILS), the CLBILS that is aimed at larger U.K. businesses is now live and the following… more

Business Interruption, Commercial Loans, Coronavirus Business Interruption Loan Scheme (CBILS), Coronavirus Large Business Interruption Loan Scheme (the CLBILS), Coronavirus/COVID-19

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Fourth (and Final?) Act in the Kabab-Ji Saga—What Law Governs the Arbitration Agreement (Law of the Seat or Law of the Underlying Contract)?

On 28 September 2022, the French Cour de cassation upheld the French Court of Appeal’s decision in Kabab-Ji SAL v. Kout Food Group that the law of the seat, rather than the law governing the underlying contract, governed issues… more

Arbitration, Arbitration Agreements, Choice-of-Law, France, Franchise Agreements

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The UK’s New Subsidy Regime: Not a Return to the 1970s and the Government Picking Winners?

The UK government introduced into Parliament a wholesale change to its State aid rules under the new Subsidy Control Bill on 30 June 2021 (the “Bill”). The regime, which is set to come into effect in H1 2022, subject to… more

Competition, European Commission, National Security, State Aid, UK

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Pursuing Capital for Growth Trends in Oil & Gas Series: Part 1 of 5

The past year has been broadly characterized as one of limited public market activity and rising interest rates putting a dampener on access to capital. For the oil & gas industry, the volume of debt & equity offerings remained… more

Capital Markets, Energy Sector, Initial Public Offering (IPO), Investment, Investors

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BIS Has New Authorities to Impose Controls over Activities of US Persons in Support of Foreign Military, Security, or Intelligence Services

Key Points - The Export Control Reform Act of 2018 has been amended to give BIS the authority to regulate services and other activities of U.S. persons, wherever located, when in support of foreign “military, security, or… more

Bureau of Industry and Security (BIS), Export Administration Regulations (EAR), Export Control Reform Act (ECRA), Export Controls, Exports

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Amendments to Concert Party Presumptions in the Takeover Code

The UK Takeover Panel (the “Panel”) has introduced amendments to the definition of “acting in concert” under the Takeover Code (the “Code”) and, in particular, the circumstances in which the Panel will presume parties to be… more

Investors, Publicly-Traded Companies, Shareholders, Takeover Bids, UK

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SEC Charges Corporate Insiders in Going-Privates for Failing to Update Schedule 13Ds

The Securities and Exchange Commission (SEC) announced on March 13, 2015, that it had charged eight officers, directors and major shareholders for failing to file amendments to their Schedule 13Ds to disclose steps to take their… more

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The UK Takeover Panel’s Guidance on “Stub Equity” In Take-Private Transactions

On 3 July 2025, the UK Takeover Panel (Panel) published a new Practice Statement 36 (PS 36), which provides formal guidance on how the Panel will interpret and apply the Takeover Code to an “unlisted share alternative” (known as… more

Compliance, Corporate Governance, Disclosure Requirements, Financial Regulatory Reform, Investment

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Trends in Special Situations & Private Credit 2024

With 2023 characterized by record inflation, constraints in the syndicated lending environment and rising interest rates, credit funds were able to step in to provide flexible, tailored and relationship-based financing to… more

Acquisitions, Cooperation Agreement, Credit Agreements, EBITDA, Hybrid Capital Instruments

See all updates »

Sixth Circuit Weighs In on Multiemployer Plan Withdrawal Liability Assumptions

On September 28, 2021, in Sofco Erectors v. Trustees of the Ohio Operating Engineers Pension Fund, No. 20-3639/3671, 2021 BL 367718 (6th Cir. Sept. 28, 2021), the 6th Circuit Court of Appeals issued the first major appeals court… more

Employee Benefits, Employee Retirement Income Security Act (ERISA), Interest Rates, Multiemployer Plan, Pensions

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Oil & Gas in 2025: Emerging Trends & Predictions

As we enter 2025 with a new president in the White House and Republicans in control of both the House and the Senate, we can look forward to a significant shift in the landscape for oil & gas transactions. The second Trump… more

Biden Administration, Clean Energy, Climate Change, Energy Policy, Energy Sector

See all updates »

Delaware Refines and Narrows the Statutory Landscape for Controlling Stockholders and Books & Records Requests

Last week, Delaware approved legislation overhauling the Delaware General Corporation Law (DGCL). As detailed below, the amendments to the DGCL ease certain restrictions applicable to “conflicted controller” transactions, and… more

Books & Records, Controlling Stockholders, Corporate Governance, Delaware, Delaware General Corporation Law

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Supreme Court Clarifies NEPA Scope in Seven County Decision, Distinguishes Sabal Trail

In a significant decision issued on May 29, 2025, the U.S. Supreme Court found that the Surface Transportation Board (the Board) was entitled to substantial deference under the National Environmental Policy Act (NEPA) and that… more

Energy Projects, Environmental Litigation, Infrastructure, Judicial Authority, NEPA

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SEC Fines 16 Firms More Than $81 Million for Off-Channel Communications

Key Points - Last week, the SEC announced settlements with 16 broker-dealers, dually registered broker-dealers and investment advisers, and affiliated investment advisers in connection with their failures to maintain and… more

Broker-Dealer, Civil Monetary Penalty, Compliance, Investment Adviser, Investment Advisers Act of 1940

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UK CMA Publishes Thoughtful Report on AI Foundation Models

On 18 September 2023, following its initial review of artificial intelligence (AI) foundation models (FMs), the UK Competition and Markets Authority (CMA) published its eagerly awaited report (the “Report”).The Report has been… more

Artificial Intelligence, Consumer Protection Laws, Diversity, Fair Dealing Exception, Machine Learning

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CFIUS Announces Fast Track Pilot Program for Certain Investors

On May 8, 2025, the U.S. Department of the Treasury (Treasury) announced plans to establish a “fast-track” review process for the Committee on Foreign Investment in the United States (CFIUS). This initiative implements a key… more

CFIUS, China, Foreign Investment, Investors, National Security

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Supreme Court Narrows Federal Bribery Statute That Applies to State and Local Officials

On June 26, 2024, the U.S. Supreme Court held 6-3 in Snyder v. United States that a federal statute, 18 U.S.C. § 666(a)(1)(B), does not criminalize “gratuities” to state and local officials—i.e., payments made to those officials… more

Anti-Corruption, Appeals, Bribery, Compliance, Kickbacks

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Federal Circuit: Section 285 Does Not Permit Recovery of Fees Incurred in IPRs Nor Does it Extend to Counsel

The Federal Circuit recently ruled that a petitioner in an inter partes review (IPR) proceeding with related district court litigation cannot recover attorneys’ fees under 35 U.S.C. § 285. The Federal Circuit further held that… more

Appeals, Inter Partes Review (IPR) Proceeding, Patent Infringement, Patent Litigation, Patent Trial and Appeal Board

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California Passes New Equal Pay Law

If you read one thing... - California legislature has passed amendments to the California Fair Pay Act, which the Governor has said he will sign into law. - The amendments expand protections against inequality in… more

Amended Legislation, Employee Rights, Employer Liability Issues, Equal Pay, Fair Pay Act

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Capitalizing on Merger Arbitrage Investment Opportunities in Asia Pacific Markets

Returns from Asia-Pacific merger arbitrage positions have proved consistently attractive over time, offering the additional benefit of portfolio diversification when compared to other equity strategies where returns are more… more

Acquisitions, Appraisal, Arbitrage, Asia Pacific, Foreign Investment

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COVID-19 Across Asia: Your Essential Toolkit in the Rapidly Changing Commercial and Legal Risk Landscape

Whatever your business—whether you are an investor looking at new investments, managing existing positions or planning exits, or a corporate concerned with protecting and enhancing your business—the current public health crisis… more

Commercial Contracts, Contract Disputes, Coronavirus/COVID-19, Force Majeure Clause, Investment Management

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The Corporate Crimes Against Health Care Act: Washington Continues Efforts to Chill Private Equity Investment in Health Care

Senators Ed Markey (D-MA.) and Elizabeth Warren (D-MA.) unveiled “The Corporate Crimes Against Health Care Act of 2024” on June 11, 2024, which seeks to create new civil and criminal penalties for health care investors who are… more

Corporate Crimes, Department of Justice (DOJ), Disclosure Requirements, Health Care Providers, Investment

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The New U.K. Ownership and Control Transparency Regime (The PSC Regime)

If you read one thing... - U.K. corporates required to identify and record identities (including home addresses) of 25%+ holders of economics/votes/control (“PSCs”) – exclusion for most U.K. listed issuers. -… more

Directors, Primary Residence, Shareholders, Small Business Enterprise and Employment Act, Transparency

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New Year's Resolutions for the Secondaries Space

As we begin the annual ritual of making our personal New Year’s resolutions, it’s a great time for secondaries market participants to do the same. As we gear up for what is expected to be an active 2024, here are our suggestions… more

Anti-Money Laundering, Beneficial Owner, Business Transfer Agreements, Corporate Transparency Act, Fund Managers

See all updates »

Texas Enacts New Pro-Business Law to Expand Its Appeal as a Hub for Business Incorporations

On May 14, 2025, Gov. Greg Abbott (R-TX) signed Texas Senate Bill 29 (SB29) into law. This legislation introduces notable amendments to the Texas Business Organizations Code (TBOC) and is part of a broader strategy to encourage… more

Board of Directors, Business Judgment Rule, Business Litigation, Corporate Governance, Derivative Suit

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The Trump Administration Continues Focus on Drug Pricing with “Most-Favored-Nation Prescription Drug Pricing” Executive Order

On Monday, May 12, President Donald Trump signed an Executive Order (EO) titled, “Delivering Most-Favored-Nation Prescription Drug Pricing to Americans,” aimed at reducing prescription drug prices by implementing a… more

Centers for Medicare & Medicaid Services (CMS), Department of Health and Human Services (HHS), Drug Pricing, Executive Orders, Federal Trade Commission (FTC)

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COBRA Premium Subsidy under the American Rescue Plan Act of 2021 and IRS Notice 2021-31

On May 18, 2021, the Internal Revenue Service (IRS) released Notice 2021-31 (the “Notice”) providing guidance in Q&A format on the application of the temporary COBRA premium assistance provisions of the American Rescue Plan Act… more

American Rescue Plan Act of 2021, COBRA, Department of Labor (DOL), Employee Benefits, Employer Group Health Plans

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Using Int'l Discovery Statute After High Court Limits Its Scope

Law360 has published “Using Int'l Discovery Statute After High Court Limits Its Scope” The article discusses foreign litigants’ use of U.S.-based discovery procedures pursuant to Section 1782 of the U.S. Code, as well as… more

28 U.S.C. § 1782, Discovery, Foreign Jurisdictions, Foreign Tribunals, International Arbitration

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The Hong Kong Court Refuses to Stay ‘Keepwell’ Claims

In a noteworthy decision handed down on 17 December 2021 (“Decision”), the High Court of Hong Kong recognised the Mainland China bankruptcy administrator (“Administrator”) of Peking University Founder Group Limited (PKU) and… more

Bankruptcy Reform, China, Commercial Bankruptcy, Corporate Restructuring, Cross-Border

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Clean Energy Tax Credit Transferability Guidance Issued

On June 14, 2023, the Internal Revenue Service and the Treasury Department issued (among other guidance) an expansive set of proposed regulations explaining how taxpayers can monetize 11 green energy tax credits through… more

Clean Energy, Energy Tax Incentives, Inflation Reduction Act (IRA), Investment Tax Credits, IRS

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DOL Withdraws Classification Guidance

On June 7, 2017, the U.S. Department of Labor (DOL) announced that it was withdrawing its 2015 and 2016 Administrative Interpretations regarding independent contractors and joint employment. Both interpretations were designed to… more

Administrative Interpretation, Department of Labor (DOL), Economic Realities Test, Employee Definition, Fair Labor Standards Act (FLSA)

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Oil & Gas in 2025: Emerging Trends & Predictions

As we enter 2025 with a new president in the White House and Republicans in control of both the House and the Senate, we can look forward to a significant shift in the landscape for oil & gas transactions. The second Trump… more

Biden Administration, Clean Energy, Climate Change, Energy Policy, Energy Sector

See all updates »

DOJ Hits Play: The End of the FCPA “Pause” and Return to Enforcement

On June 9, 2025, the Deputy Attorney General issued a Memorandum detailing the administration’s new FCPA guidelines for all current and future investigations and enforcement actions. According to the Head of DOJ’s Criminal… more

Anti-Corruption, Bribery, Criminal Prosecution, Department of Justice (DOJ), Enforcement Actions

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FCC Chairman Outlines Proposals in Support of Build America Agenda

Chairman Carr delivered a speech in Sioux Falls, South Dakota, on July 2 titled “A Build Agenda for America” in which he laid out the FCC’s priorities for the remainder of President Donald Trump’s term. In citing to what he… more

Deregulation, FCC, Infrastructure, National Security, Regulatory Agenda

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This Week's Climate Policy Update | December 15 - December 21, 2024 #2

Good morning! This is Akin’s newsletter on climate change policy and regulatory developments, providing information on major climate policy headlines from the past week and forthcoming climate-related events and hearings… more

California, Carbon Capture and Sequestration, Clean Energy, Climate Change, Congressional Review Act

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CFTC Finalizes Amendments to Rule 4.7

On September 12, 2024, the Commodity Futures Trading Commission (CFTC) finalized the first major changes to CFTC Regulation 4.7 (Rule 4.7) in over 30 years. Among other technical revisions, the amendments to Rule 4.7, generally… more

CFTC, Commodity Pool, Commodity Trading Advisors (CTAs), Disclosure Requirements, Investment

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Liability Management Exercises: A Transatlantic Perspective

Over recent years, a prolonged period of low interest rates, together with a competitive financing market, has resulted in greater leverage and control for private companies (and their sponsors) when it comes to negotiating… more

EU, Financial Markets, Financing, Liquidity, Private Equity

See all updates »

Federal Communications Commission – Broadband Labeling Requirements

Late last year, the Federal Communications Commission (“FCC” or the “Commission”) released a Report and Order (the “Order”) promulgating new disclosure requirements for broadband providers in the form of a label to be visible at… more

Broadband, FCC, Infrastructure Investment and Jobs Act (IIJA), Internet Service Providers (ISPs), Labeling

See all updates »

Trends in Special Situations & Private Credit 2024

With 2023 characterized by record inflation, constraints in the syndicated lending environment and rising interest rates, credit funds were able to step in to provide flexible, tailored and relationship-based financing to… more

Acquisitions, Cooperation Agreement, Credit Agreements, EBITDA, Hybrid Capital Instruments

See all updates »

9th Circuit Provides Key Guidance for Defendants Opposing Rule 23(b)(3) Class Actions

Key Points - The en banc 9th Circuit clarified numerous rules applicable to class actions brought under Rule 23(b)(3) of the Federal Rules of Civil Procedure. The court’s watershed decision in Olean Wholesale Grocery v… more

Class Action, Class Certification, Class Members, Daubert Standards, Evidence

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NLRB’s Joint Employer Rule Vacated

The National Labor Relations Act (NLRA) gives employees the right to unionize and imposes obligations on employers to collectively bargain with unions representing their employees. Failing to recognize those rights and… more

Chamber of Commerce, Contract Terms, Employee Definition, Joint Employers, Jurisdiction

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New Antidumping and Countervailing Duty Petitions on Mattresses

On July 28, 2023, a coalition of domestic producers and wholesalers of mattresses filed petitions with the U.S. Department of Commerce (DOC) and the U.S. International Trade Commission (ITC) seeking the imposition of antidumping… more

Anti-Dumping Duty, Countervailing Duties, Cross-Border Transactions, Imports, International Trade Commission (ITC)

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Delaware Chancery’s Moelis II Decision Provides Cautionary Tale for Boards and Activists

On February 23, 2024, Vice Chancellor Travis Laster of the Delaware Court of Chancery issued his 131-page decision in West Palm Beach Firefighters’ Pension Fund v. Moelis & Co., No. 2023-0309-JTL. The case involved a challenge… more

Board of Directors, Corporate Governance, Corporations Code, Delaware, Delaware General Corporation Law

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Fall Congressional Outlook

Introduction - Congress returns from the August recess with a robust agenda and limited time to pursue it. The calendar is further constrained by the September 30 deadline to pass appropriations packages or a continuing… more

Agricultural Sector, Climate Change, Continuing Resolution, EBITDA, Energy Sector

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Top Six Predictions for Fintech M&A in 2023

Volatile technology stocks and rising interest rates put the brakes on fintech funding rounds and M&A in 2022. But even though investment activity fell from 2021’s highs, fintech deal volumes have remained well ahead of… more

Acquisitions, Financial Institutions, Financial Services Industry, FinTech, Mergers

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FCA Contemplates Revising Asset Management Regulatory Framework

The UK Financial Conduct Authority (FCA) is seeking industry feedback in a discussion paper (DP)1 on potential regulatory reform of the asset management sector. If enacted, the UK Government’s Future Regulatory Framework… more

Alternative Investment Fund Managers Directive (AIFMD), Asset Management, EU, Financial Conduct Authority (FCA), Financial Services Industry

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Make (Whole) A Minute: Takeaways from the Recent Hertz Decision on Make-Whole and Post-Petition Interest

Happy 2022, everyone! It seems fitting to kick off our Make (Whole) a Minute Update series in 2022 with an alert on make-whole. On December 22, 2021, the Bankruptcy Court for the District of Delaware ruled in favor of the… more

Bankruptcy Code, Claim Limitations, Commercial Bankruptcy, Institutional Investors, Make-Whole Premium

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“Under the Wire” E-Comms Settlements: More Confusion Than Closure

On January 13, 2025, the U.S. Securities and Exchange Commission announced settled enforcement actions with five registered investment advisers for failing to maintain and preserve internal electronic communications. These nine… more

Administrative Procedure Act, Cease and Desist Orders, Compliance, Electronic Communications, Enforcement Actions

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Akin Intelligence - May 2025

On May 13, 2025, the Commerce Department’s Bureau of Industry and Security (BIS) announced that the Commerce Department initiated a rescission of the Biden Administration’s Framework for Artificial Intelligence Diffusion (“AI… more

Artificial Intelligence, Biden Administration, Bots, Bureau of Industry and Security (BIS), Collective Actions

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Transco’s REAE Project: FERC Reinstates Certificate, Ensuring Continued Operation

On January 24, 2025, the Federal Energy Regulatory Commission (FERC or the Commission) issued an order on remand (the Order) reinstating a certificate of public convenience and necessity for Transcontinental Gas Pipe Line… more

Climate Change, Energy Projects, Energy Sector, Environmental Policies, FERC

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2025 Compliance Reminder: BE-180 Survey of Cross-Border Financial Services Transactions

U.S. persons who provided or received more than $3 million of financial services, such as investment advisory services, fund management or brokerage services, to or from non-U.S. persons, such as Cayman master funds, during 2024… more

Compliance, Cross-Border Transactions, Filing Deadlines, Filing Requirements, Financial Services Industry

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Department of Energy Continues to Issue Orders that Support Liquefied Natural Gas Exports with Extension Authorization to Golden Pass LNG Terminal LLC

On March 5, 2025, the United States Department of Energy (DOE) approved Golden Pass LNG Terminal LLC’s (GPLNG) request to extend a deadline to begin exporting liquefied natural gas (LNG) from its terminal facility currently… more

Department of Energy (DOE), Energy Policy, Energy Sector, Exports, FERC

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FERC Holds Technical Conference to Explore Resource Adequacy Challenges

On June 4–5, 2025, the Federal Energy Regulatory Commission (FERC or Commission) hosted a commissioner-led technical conference to discuss resource adequacy challenges facing regional transmission organizations and independent… more

Capacity Market, Clean Energy, Electricity, Energy Policy, Energy Sector

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Executive Order Formalizes Telecom Foreign Investment Review

On April 4, the White House released an Executive Order establishing the Committee for the Assessment of Foreign Participation in the United States Telecommunications Services Sector (the “Committee”) to assess foreign ownership… more

Executive Orders, Foreign Investment, Foreign Ownership, National Security, Telecommunications

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Akin Space Law, Regulation and Policy Update - March 2024

Good Afternoon! This is Akin’s biweekly policy newsletter on space policy and regulatory developments, providing information on major space headlines and forthcoming space-related events and hearings… more

Aerospace, Federal Aviation Administration (FAA), Innovation, Outer Space, Proposed Legislation

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The Future of FCA Enforcement: Key Changes to the FCA's Streamlined Enforcement Guide

On 3 June 2025, the UK Financial Conduct Authority (FCA)’s updated Enforcement Guide (ENFG or the Guide) came into force. The ENFG, which replaces the previous Enforcement Guide (referred to as ‘EG’) from 2007, describes the… more

Enforcement Actions, Financial Conduct Authority (FCA), Investigations, UK, Waivers

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CFIUS Announces Fast Track Pilot Program for Certain Investors

On May 8, 2025, the U.S. Department of the Treasury (Treasury) announced plans to establish a “fast-track” review process for the Committee on Foreign Investment in the United States (CFIUS). This initiative implements a key… more

CFIUS, China, Foreign Investment, Investors, National Security

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2020 Energy Year in Review

Dear Clients and Friends, In 2020, domestic and international energy markets were challenged by a worldwide pandemic and its effect on commodity prices, which accelerated disruptions in supply chains and impacted the energy… more

Capital Markets, Energy Sector, Energy Storage, Environmental Social & Governance (ESG), Mergers

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Revisions to the EDPB Guidelines on Consent: Cookie Walls and Scrolling Through

On May 4, 2020, the European Data Protection Board (EDPB) adopted two important revisions to its 33-page Guidelines on Consent (Guidelines) under the General Data Protection Regulation (GDPR). The Guidelines are highly… more

Consent, Cookies, Data Protection, Data Protection Authority, Data Subjects Rights

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Trump Administration Issues Executive Order Increasing Oversight of Foreign Funding at Universities

On April 23, 2025, President Donald Trump signed an Executive Order (EO) entitled “Transparency Regarding Foreign Influence at American Universities” and issued an accompanying Fact Sheet. The EO rekindles initiatives from the… more

Colleges, Disclosure Requirements, Enforcement Actions, Executive Orders, False Claims Act (FCA)

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Final Call to Respond to ICO’s Consultation on Biometric Data

The Information Commissioner’s Office (ICO), the personal data protection authority in the United Kingdom (UK), is running a public consultation on its draft guidance on biometric data which covers the requirements under the UK… more

Biometric Information, Draft Guidance, General Data Protection Regulation (GDPR), Impact Assessments, Information Commissioner's Office (ICO)

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2025 Perspectives in Private Equity: Tax Analysis

Major portions of the U.S. tax code are scheduled to expire at the end of 2025, and as the U.S. tax landscape faces potential upheaval, private equity firms must stay vigilant and adaptable. Proactively engaging with tax… more

Carried Interest, Corporate Taxes, Income Taxes, International Tax Issues, Popular

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Restructuring Watch - April 2022

In this edition of Restructuring Watch, we reflect on the first court decision on the moratorium procedure, some recent schemes and restructuring plans, the lifting of the remaining pandemic-related restrictions for commercial… more

CIGA, Commercial Property Owners, Corporate Restructuring, Financial Conduct Authority (FCA), Financial Services Industry

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Finally, We Know What a Nav Loan Is (According to ILPA)?

Last month, the Institutional Limited Partners Association (“ILPA”) weighed in on the interesting philosophical question that fund formation and finance lawyers frequently debate - what is a NAV loan?  Where is the line between… more

Debt, Fund Managers, Institutional Limited Partners Association (ILPA), Loans, NAV

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Fourth (and Final?) Act in the Kabab-Ji Saga—What Law Governs the Arbitration Agreement (Law of the Seat or Law of the Underlying Contract)?

On 28 September 2022, the French Cour de cassation upheld the French Court of Appeal’s decision in Kabab-Ji SAL v. Kout Food Group that the law of the seat, rather than the law governing the underlying contract, governed issues… more

Arbitration, Arbitration Agreements, Choice-of-Law, France, Franchise Agreements

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2022 Compliance Developments and Calendar for Private Fund Advisers

Compliance Reminders for 2022 - Registered investment advisers to private funds clients are required to make filings with the Securities and Exchange Commission (SEC) each year and deliver certain information to their… more

Broker-Dealer, CFTC, Commodity Pool, Commodity Trading Advisors (CTAs), Compliance

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U.S. Government Authorizes Economic Sanctions on Turkey

• A new Executive Order signed October 14, 2019, authorizes U.S. sanctions related to the military conflict between Turkey and Syria, providing broad authority to impose sanctions against Turkish government agencies, officials… more

Blocked Person, Economic Sanctions, Executive Orders, Foreign Policy, Foreign Relations

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OFSI Imposes Monetary Penalty Against Former Moscow Office of International Law Firm for Sanctions Breaches

On March 20, 2025, the U.K.’s Office of Financial Sanctions Implementation (OFSI) announced that, in accordance with section 146 of the Policing and Crime Act 2017 (PACA), a monetary penalty of £465,000 had been imposed against… more

Compliance, Due Diligence, Economic Sanctions, Enforcement Actions, Office of Financial Sanctions Implementation (OFSI)

See all updates »

CryptoLink - August 2024 Updates

The Senate has yet to take action on the 21st Century Act (FIT21) (H.R.4763) which passed the House by a comfortable margin of 279-136 on May 22, 2024. FIT21 is a proposed landmark piece of legislation that would enact a… more

Bitcoin, CFTC, Cryptocurrency, Digital Assets, Fraud

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Tribal Appropriations and Provisions Included in House Democrats’ Phase 4 Proposal – the HEROES Act

On Tuesday, May 12, 2020, House Democrats introduced H.R. 6800 – The Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act, also known as the CARES 2.0 bill. This $3 trillion package would provide additional… more

CARES Act, Coronavirus/COVID-19, Federal Funding, Financial Stimulus, Legislative Agendas

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Texas Enacts New Pro-Business Law to Expand Its Appeal as a Hub for Business Incorporations

On May 14, 2025, Gov. Greg Abbott (R-TX) signed Texas Senate Bill 29 (SB29) into law. This legislation introduces notable amendments to the Texas Business Organizations Code (TBOC) and is part of a broader strategy to encourage… more

Board of Directors, Business Judgment Rule, Business Litigation, Corporate Governance, Derivative Suit

See all updates »

International Trade and Customs Alert: New UFLPA Compliance Guidance: An Overview for US Importers and Supply Chain Partners

Key Points - On June 21, 2022, CBP began enforcing the UFLPA’s revisions to section 307 of the Tariff Act of 1930—19 U.SC. § 1307—by applying a rebuttable presumption that the following goods are prohibited from importation… more

China, Customs and Border Protection, Forced Labor, Imports, Supply Chain

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Landmark SEC and DOJ Insider Trading Cases Signal Increased Scrutiny of Rule 10b5-1 Plans

Key Points - On March 1, 2023, the SEC and DOJ filed insider trading charges against a public company executive alleging he traded pursuant to 10b5-1 trading plans he adopted while he was in possession of material nonpublic… more

10b5-1 Plans, Corporate Governance, Department of Justice (DOJ), Insider Trading, MNPI

See all updates »

Serta - Fifth Circuit Decision

On December 31, 2024, the U.S. Court of Appeals for the Fifth Circuit issued its long-awaited decision regarding the permissibility of the Serta Simmons Bedding (Serta) uptier liability management exercise (the 2020 Uptier) and… more

Appeals, Bankruptcy Code, Bankruptcy Court, Breach of Contract, Chapter 11

See all updates »

America’s Pharmaceutical Supply Chain: An Overview of the Policy Landscape and Potential Path Forward

For several years, policy-makers and commentators have expressed concern about the resilience of the United States’ pharmaceutical supply chain. Current U.S.-based manufacturing capabilities have been at the forefront of these… more

Biden Administration, Biomedical Advanced Research and Development Authority (BARDA), China, Competition, Coronavirus/COVID-19

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U.K. Government’s Brexit U-Turn on DAC6

In light of Brexit, the U.K. government has made the unexpected announcement that it will limit DAC6 (Directive 2018/822) reporting in the U.K. to matters involving arrangements with the effect of concealing the ultimate… more

Beneficial Owner, Common Reporting Standard (CRS), DAC6, Free Trade Agreements, International Tax Issues

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Weatherford: The U.S. and Beyond

Akin Gump lawyers who advised the Ad Hoc Group of holders of Weatherford's $7.4 billion unsecured notes explain how the restructuring was agreed and implemented using three parallel in-court procedures Weatherford is one of… more

Bankruptcy Code, Bankruptcy Court, Chapter 11, Commercial Bankruptcy, Debt Restructuring

See all updates »

The Consumer Financial Protection Bureau Issues Rule That Requires Employers to Update FCRA Summary Of Rights Form

• The Consumer Financial Protection Bureau (CFPB) has issued an interim final rule requiring employers to update the summary of rights form given to applicants and employees in conjunction with a background check by a consumer… more

Adverse Action, Background Checks, Consumer Financial Protection Bureau (CFPB), Consumer Reporting Agencies, Credit Reports

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Space Law, Regulation and Policy Update - July 11, 2025

Good Afternoon! It’s been a busy couple of weeks in the orbit of Washington. President Trump nominated a new NASA Administrator, and the “Big Beautiful Bill” gave Space Force a big budget bump. Meanwhile, scientists and the… more

Aerospace, Budget Cuts, China, International Trade, NASA

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President Trump Issues America First Investment Policy Refocusing CFIUS and Outbound Investment Approach

On February 21, 2025, President Trump issued the America First Investment Policy Memorandum, which emphasizes the U.S. commitment to a strong, open investment environment while reshaping the U.S. government’s policy towards… more

CFIUS, China, Economic Sanctions, Export Administration Regulations (EAR), Foreign Investment

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Serta - Fifth Circuit Decision

On December 31, 2024, the U.S. Court of Appeals for the Fifth Circuit issued its long-awaited decision regarding the permissibility of the Serta Simmons Bedding (Serta) uptier liability management exercise (the 2020 Uptier) and… more

Appeals, Bankruptcy Code, Bankruptcy Court, Breach of Contract, Chapter 11

See all updates »

Stemming the Tide: Seventh Circuit Deals (Final) Blow to Suspect Right of Publicity Privacy Class Actions Rising in the Courts

Over the last several years, the class action bar has targeted companies in a wave of putative class actions under state “right of publicity” statutes. Although they vary some around the edges, these statutes generally seek to… more

Class Action, Consumer Privacy Rights, Data Brokers, Illinois, Personally Identifiable Information

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CryptoLink - March 2024 Updates

In the House, lawmakers continue to make progress on the Clarity for Stablecoins Act (H.R. 4766). On March 19, at a press event hosted by Punchbowl News on the policy landscape for digital payments, outgoing House Financial… more

Anti-Money Laundering, CFTC, Coinbase, Copyright Office, Cryptoassets

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What’s New in California - December 2022

What’s New in California (WNIC) is a compilation of news stories published by outside organizations relevant to California politics and policy… more

California, Governor Newsom, Legislative Agendas, New Legislation, State and Local Government

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U.S. Fish and Wildlife Service Issues Proposed Rule to Revise its Bald and Golden Eagle Regulations

On May 4, the U.S. Fish and Wildlife Service (Service) issued a proposed rule titled Eagle Permits; Revisions to Regulations for Eagle Incidental Take and Take of Eagle Nests, which seeks to revise the Service’s bald and golden… more

Bald and Golden Eagle Protection Act, Comment Period, Incidental Take Permits, NEPA, Proposed Regulation

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From Crackdown to Calibration: The UK’s Evolving Carried Interest Regime

In November, we covered the UK government’s proposal to overhaul the tax treatment of carried interest in the United Kingdom—an effort to close perceived loopholes by shifting carried interest fully into the income tax regime,… more

Asset Management, Carried Interest, Financial Regulatory Reform, HM Treasury, Investment Management

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Fall Congressional Outlook

Introduction - Congress returns from the August recess with a robust agenda and limited time to pursue it. The calendar is further constrained by the September 30 deadline to pass appropriations packages or a continuing… more

Agricultural Sector, Climate Change, Continuing Resolution, EBITDA, Energy Sector

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How ESG is Impacting the European Leveraged Finance Markets

As we noted here, environmental, social and governance (ESG) factors are becoming increasingly relevant across the finance markets and have impacted a range of financial instruments. The European leveraged finance market has… more

Corporate Governance, Environmental Social & Governance (ESG), EU, Key Performance Indicators (KPIs), Regulatory Requirements

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Update: NLRB’s General Counsel Provides Guidance on Severance Agreements with Broad Confidentiality and Non-Disparagement Clauses

Key Points - The NLRB’s General Counsel issued a memorandum providing her position on the NLRB’s recent decision in McLaren Macomb, holding that employers may not offer severance agreements with broad confidentiality or… more

Confidentiality Agreements, Employer Liability Issues, Employment Policies, Hiring & Firing, NLRA

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M&A Activity Remains Cool Despite Megadeals Trends in Oil & Gas Series: Part 2 of 5

It seems likely the year ahead will see only a modest rebound in mergers & acquisitions (M&A) activity. Among the challenges that remain for 2024, one challenge to further deal activity is the potential shortage of attractive… more

Acquisitions, Energy Sector, Mergers, Oil & Gas, Policies and Procedures

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Life Sciences Due Diligence: A Reference Guide for Your Life Sciences Corporate Transactions

• Life sciences companies are subject to rapidly changing regulatory obligations, government enforcement, and increasing public scrutiny. • Conducting effective legal and regulatory due diligence can mean uncovering risks and… more

Acquisitions, Anti-Kickback Statute, Due Diligence, False Claims Act (FCA), Health Care Providers

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FDA Accepts First Biosimilar Application under New Approval Pathway

July 24, 2014 was a landmark day in the biotechnology industry: Sandoz (the generic arm of Novartis) announced that the U.S. Food and Drug Administration (FDA or “the Agency”) had accepted the first application for a U.S… more

Biologics, Biologics Price Competition and Innovation Act of 2009, Biosimilars, Food and Drug Administration (FDA), Patents

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Significant Cuts to IRA Clean Energy Tax Credits Included in Enacted Reconciliation Bill

President Trump signed the “One, Big, Beautiful Bill Act” (the “OBBB”) into law on July 4, 2025. Congress passed the legislation using the budget reconciliation process to avoid the 60-vote Senate filibuster. In addition to… more

Clean Energy, Energy Tax Incentives, Executive Orders, Inflation Reduction Act (IRA), Internal Revenue Code (IRC)

See all updates »

May – June 2025 Regulatory Round-Up

HM Treasury (HMT) and the Financial Conduct Authority (FCA) have launched consultations proposing a streamlined regulatory framework for UK AIFMs. The key proposals include: These reforms aim to introduce a more proportional and… more

Artificial Intelligence, Asset Management, Disclosure Requirements, Financial Regulatory Reform, Investment Funds

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Federal Circuit Clarifies that Enablement of Prior Art is a Separate (and Distinct) Inquiry from Enablement of Claims in a Patent

In an appeal from an inter partes review, the Federal Circuit recently clarified that the enablement inquiry applied to prior art references in the context of an anticipation defense differs from the enablement inquiry applied… more

Appeals, Claim Construction, Enablement Inquiries, Inter Partes Review (IPR) Proceeding, Obviousness

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2025 Perspectives in Private Equity: Energy

As an industry at the frontline of navigating a shifting policy backdrop under the new Trump administration, pre-imposition of “Independence Day” Tariffs, energy was experiencing a growth in interest from private equity sponsors… more

Climate Change, Energy Policy, Energy Sector, Inflation Reduction Act (IRA), Investment Funds

See all updates »

COVID-19-Related Orders and Legislation Governing Business Operations, Limiting Liability and Expanding Workers’ Compensation Coverage

At the beginning of the COVID-19 crisis, the vast majority of states across the country implemented “stay at home” orders requiring the closure of, or severely restricting, nonessential business operations… more

Coronavirus/COVID-19, Employer Liability Issues, Health and Safety, Infectious Diseases, State Labor Laws

See all updates »

New Antidumping Duty and Countervailing Duty Petition on Silicon Metal from Angola, Australia, Laos, Norway and Thailand

On April 24, 2025, Ferroglobe USA Inc. and Mississippi Silicon Inc., domestic producers of silicon metal, filed a petition with the U.S. Department of Commerce (DOC) and the U.S. International Trade Commission (ITC) seeking the… more

Anti-Dumping Duty, Countervailing Duties, Imports, International Trade, International Trade Commission (ITC)

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Significant Cuts to IRA Clean Energy Tax Credits Included in Enacted Reconciliation Bill

President Trump signed the “One, Big, Beautiful Bill Act” (the “OBBB”) into law on July 4, 2025. Congress passed the legislation using the budget reconciliation process to avoid the 60-vote Senate filibuster. In addition to… more

Clean Energy, Energy Tax Incentives, Executive Orders, Inflation Reduction Act (IRA), Internal Revenue Code (IRC)

See all updates »

President Biden Signs Executive Order on Outbound Investment

Key Points - On August 9, 2023, President Biden issued a long-anticipated Executive Order on outbound investment aimed at addressing concerns related to China’s advancement in sensitive technologies critical for military,… more

Advanced Notice of Proposed Rulemaking (ANPRM), Biden Administration, CFIUS, China, Covered Transactions

See all updates »

DOJ Hits Play: The End of the FCPA “Pause” and Return to Enforcement

On June 9, 2025, the Deputy Attorney General issued a Memorandum detailing the administration’s new FCPA guidelines for all current and future investigations and enforcement actions. According to the Head of DOJ’s Criminal… more

Anti-Corruption, Bribery, Criminal Prosecution, Department of Justice (DOJ), Enforcement Actions

See all updates »

Reminder to Managers of New Fund Marketing Rules in the EU

1. Overview The new rules on the promotion of funds introduced by the new Cross-Border Distribution of Collective Investment Undertakings Directive and Regulation (Cross-Border Distribution of Funds (CBDF) Rules) are due to… more

AIFM, Alternative Investment Fund Managers Directive (AIFMD), Cross-Border, EU, European Securities and Markets Authority (ESMA)

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ESG: European Regulators Publish Revised Secondary Rules and Templates for Environmental-Related Sustainability Disclosures

The European Supervisory Authorities (ESAs) have published the draft Regulatory Technical Standards (“Taxonomy RTS”) on product-level disclosures that apply to funds or portfolios that promote or make environmentally sustainable… more

Corporate Governance, Corporate Social Responsibility, Disclosure Requirements, Environmental Social & Governance (ESG), EU

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Transparency In Merger Enforcement: At Least 50% of Investigated Deals Cleared for Takeoff in Q1 2025

As previously highlighted in our inaugural Akin Agency Transparency In Merger Enforcement (TIME) Report, merger enforcement transparency fell to an all-time low under the Biden administration. A key driver towards that trend was… more

Antitrust Division, Antitrust Litigation, Biden Administration, Department of Justice (DOJ), Enforcement

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OFSI Imposes Monetary Penalty Against Former Moscow Office of International Law Firm for Sanctions Breaches

On March 20, 2025, the U.K.’s Office of Financial Sanctions Implementation (OFSI) announced that, in accordance with section 146 of the Policing and Crime Act 2017 (PACA), a monetary penalty of £465,000 had been imposed against… more

Compliance, Due Diligence, Economic Sanctions, Enforcement Actions, Office of Financial Sanctions Implementation (OFSI)

See all updates »

DOJ Hits Play: The End of the FCPA “Pause” and Return to Enforcement

On June 9, 2025, the Deputy Attorney General issued a Memorandum detailing the administration’s new FCPA guidelines for all current and future investigations and enforcement actions. According to the Head of DOJ’s Criminal… more

Anti-Corruption, Bribery, Criminal Prosecution, Department of Justice (DOJ), Enforcement Actions

See all updates »

Brexit: Recognition of UK Derivatives Regulation

• Under Swiss law, to fulfil the clearing, reporting and risk mitigation obligations applying to derivatives trading under foreign law, the Swiss Financial Market Supervisory Authority (FINMA) must recognize the foreign law and… more

Counterparty Risk, Cross-Border Transactions, Derivatives, EMIR, EU

See all updates »

Significant Cuts to IRA Clean Energy Tax Credits Included in Enacted Reconciliation Bill

President Trump signed the “One, Big, Beautiful Bill Act” (the “OBBB”) into law on July 4, 2025. Congress passed the legislation using the budget reconciliation process to avoid the 60-vote Senate filibuster. In addition to… more

Clean Energy, Energy Tax Incentives, Executive Orders, Inflation Reduction Act (IRA), Internal Revenue Code (IRC)

See all updates »

IRS Issues Final Regulations Regarding Certain Employee Remuneration in Excess of $1 Million Under Section 162(m) of the Code

Section 162(m) of the Internal Revenue Code of 1986 (as amended, the “Code”) imposes a $1 million deductibility limit on compensation paid by “publicly held corporations” to “covered employees.” As reported in our previous… more

Compensation & Benefits, Corporate Taxes, Covered Employees, Executive Compensation, Final Rules

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Federally Funded Research & Development: New Executive Order Pushes Federal Agencies to Take Title to Subject Inventions and Require Domestic Manufacturing

Key Points - On July 28, 2023, President Biden signed EO 14104, “Federal Research and Development in Support of Domestic Manufacturing and United States Jobs,” which aims to increase domestic manufacturing and… more

Bayh-Dole Act, Executive Orders, Federal Funding, Intellectual Property Protection, Inventions

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Compacts Renewal Ushers in New Era of Relations Between the U.S. and Freely Associated States

When President Biden signed the Consolidated Appropriations Act into law on March 9, he dramatically altered U.S. relationships with the Republic of the Marshall Islands (RMI), the Republic of Palau, and the Federated States of… more

Climate Change, Consolidated Appropriations Act (CAA), Department of Defense (DOD), Executive Orders, FDIC

See all updates »

House Votes to Establish Select Committee on China

Today, the House of Representatives voted to establish a Select Committee on the strategic competition between the United States and Chinese Communist Party (H. Res. 11). The resolution passed overwhelmingly (365-65). Rep. Mike… more

China, Cybersecurity, Legislative Agendas, Trade Relations, US Trade Policies

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CryptoLink - May 2025

In May 2025, the leadership from the SEC provided guidance on digital asset regulation in several keynote addresses and round tables. The SEC's activities in May 2025 suggest a deliberate movement towards establishing a more… more

Capital Markets, Cryptocurrency, Digital Assets, Financial Regulatory Reform, New Guidance

See all updates »

California Doubles Greenhouse Gas Emission Reduction Targets

Ten years after adopting the nation’s first program to reduce statewide greenhouse gas (GHG) emissions, California is doubling its GHG emission reduction goals while adopting new measures to reduce short-lived climate… more

Cap-and-Trade, Governor Brown, Greenhouse Gas Emissions, New Regulations, Renewable Energy

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A New Year, Congress and Trump Administration: 10 Health Issues to Watch in 2025

As the new year begins, change is afoot inside the Beltway as the 119th Congress gets underway and Washington prepares for President Trump’s second administration. While change is bringing uncertainty on some fronts, health care… more

Artificial Intelligence, Centers for Medicare & Medicaid Services (CMS), Consolidated Appropriations Act (CAA), DEA, Department of Health and Human Services (HHS)

See all updates »

Demystifying the Out-of-Court Foreclosure Process

Mezzanine lenders looking to foreclose on their collateral have the advantage of being able to pursue remedies outside of court. But the process, which is described in the Uniform Commercial Code (UCC), is often ill understood… more

Borrowers, Collateral, Foreclosure, Mezzanine Lenders, Mortgages

See all updates »

IRS Takes View That FIRPTA Exemption for Publicly Traded Stock Must Be Tested at Partnership Level

Key Points Internal IRS correspondence in the form of a recent Chief Counsel Memorandum concludes that funds structured as partnerships (e.g., master funds in a standard master-feeder structure) must determine the availability… more

Financial Services Industry, FIRPTA, Foreign Investment, Investment Funds, Investment Management

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Five Trends Shaping Payments M&A

The last 12 months have seen dramatic falls in fintech and payments valuations, but with the payments sector now a core part of the financial services ecosystem, strategic imperatives will continue to drive deals despite… more

Acquisitions, B2B Organizations, Capital Markets, Financial Services Industry, FinTech

See all updates »

Supreme Court Holds That Reasonably Prudent ERISA Fiduciaries Must Monitor Recordkeeping and Investment Manager Fees for All Investments

Key Points - 401(k) plan fiduciaries have the duty to monitor reasonableness of fees for all investment options available to participants under a 401(k) plan. Offering low-fee investment options does not alleviate the… more

401k, Benefit Plan Sponsors, Breach of Duty, Defined Contribution Plans, Employee Benefits

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Case Comment: Petrofac Restructuring Plans

The Petrofac group, a leading international service provider to the energy and infrastructure industries, has successfully obtained an order sanctioning two inter-conditional restructuring plans (Plans). We explore here the key… more

Appeals, Chapter 11, Commercial Bankruptcy, Contract Disputes, Corporate Restructuring

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“When you are a hammer, the world is a nail” – SEC and PCAOB Senior Staff Signal Increased SEC and PCAOB Gatekeeper Enforcement

Key Points - SEC Enforcement and PCAOB Enforcement both are pursuing more significant sanctions against auditors, particularly with respect to civil money penalties. Expect 2023 enforcement against auditors to focus on… more

Auditors, Audits, Corporate Governance, Enforcement Actions, PCAOB

See all updates »

Serta - Fifth Circuit Decision

On December 31, 2024, the U.S. Court of Appeals for the Fifth Circuit issued its long-awaited decision regarding the permissibility of the Serta Simmons Bedding (Serta) uptier liability management exercise (the 2020 Uptier) and… more

Appeals, Bankruptcy Code, Bankruptcy Court, Breach of Contract, Chapter 11

See all updates »

Texas Enacts New Pro-Business Law to Expand Its Appeal as a Hub for Business Incorporations

On May 14, 2025, Gov. Greg Abbott (R-TX) signed Texas Senate Bill 29 (SB29) into law. This legislation introduces notable amendments to the Texas Business Organizations Code (TBOC) and is part of a broader strategy to encourage… more

Board of Directors, Business Judgment Rule, Business Litigation, Corporate Governance, Derivative Suit

See all updates »

So, What’d I Miss??? A Flurry of New Employment Laws Impact New York Firms

Key Points - The past eight months have featured the introduction of myriad new state and city laws impacting New York firms. From amendments to the NYC Fair Chance Act and NYS Paid Family Leave Law, to the expansion of… more

Artificial Intelligence, Background Checks, Criminal Background Checks, Employer Liability Issues, Fair Chance Act

See all updates »

Make (Whole) A Minute: Takeaways from the Recent Hertz Decision on Make-Whole and Post-Petition Interest

Happy 2022, everyone! It seems fitting to kick off our Make (Whole) a Minute Update series in 2022 with an alert on make-whole. On December 22, 2021, the Bankruptcy Court for the District of Delaware ruled in favor of the… more

Bankruptcy Code, Claim Limitations, Commercial Bankruptcy, Institutional Investors, Make-Whole Premium

See all updates »

Ukraine-Russia Crisis: Possible New Sanctions and Export Controls on Russia and Potential Implications for U.S. and Non-U.S. Companies

Key Points - The United States, European Union, United Kingdom and other U.S. allies are currently considering a range of severe economic measures against Russia to impose in the event of a Russian military incursion into… more

Export Administration Regulations (EAR), Export Controls, Financial Institutions, Foreign Policy, National Security

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Cybersecurity After SolarWinds: Practical Guidance for CISOs Under the New Rules

Judge Engelmayer’s 107-page dismissal of most of the U.S. Securities and Exchange Commission (SEC)’s claims against SolarWinds provides valuable guidance, and some comfort, for public companies and Chief Information Security… more

Chief Information Security Officer (CISO), Corporate Counsel, Cyber Attacks, Cybersecurity, Disclosure Requirements

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SEC Continues Focus on Climate and ESG Related Issues, Announces New Climate and ESG Task Force

The Securities and Exchange Commission (SEC) continued to build on its climate and environmental, social and governance (ESG) agenda last week. On March 3, the SEC’s Division of Examinations announced the release of its 2021… more

Biden Administration, Climate Change, Disclosure Requirements, Environmental Social & Governance (ESG), Proxy Voting Guidelines

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Amendments to Concert Party Presumptions in the Takeover Code

The UK Takeover Panel (the “Panel”) has introduced amendments to the definition of “acting in concert” under the Takeover Code (the “Code”) and, in particular, the circumstances in which the Panel will presume parties to be… more

Investors, Publicly-Traded Companies, Shareholders, Takeover Bids, UK

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The First 100 Days

Most presidents spend the first days of their administration reversing the policies of their opposite party predecessor and laying the groundwork for their own policies with a series of executive orders. President Trump is now… more

Artificial Intelligence, China, Department of Health and Human Services (HHS), Deregulation, Diversity and Inclusion Standards (D&I)

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This Week’s Climate Policy Update - May 2024 #2

Good afternoon! This is Akin’s newsletter on climate change policy and regulatory developments, providing information on major climate policy headlines from the past week and forthcoming climate-related events and hearings… more

Climate Change, Department of Energy (DOE), Electric Vehicles, Energy Efficiency, Environmental Social & Governance (ESG)

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President Signs into Law Trade Promotion Authority, Extension of TAA, Trade Preference Programs and Changes to US Trade Remedy Law

On Monday, June 29, 2015, President Obama signed into law a bill renewing Trade Promotion Authority (TPA) (H.R. 2146), as well as legislation reauthorizing Trade Adjustment Assistance (TAA 2015) and U.S. trade preference… more

Barack Obama, New Legislation, Trade Policy, Trade Promotion Agreements, Trade Relations

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New York Appellate Division Affirms Dismissal of Public Company’s Defamation Lawsuit Against Short Sellers

Key Points: - On February 9, 2021, the New York Appellate Division, First Department, affirmed the dismissal of a defamation action brought by Eros International plc, an Indian media company, against several short sellers… more

Appeals, Defamation, Free Speech, Investors, Market Manipulation

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COVID-19’s Impact on Entertainment Finance

COVID-19 has had an unprecedented effect on the entertainment industry, particularly compared to prior recessions. Studios have halted or delayed production on televisions shows and movies indefinitely, resulting in mass layoffs… more

Coronavirus/COVID-19, Entertainment Industry, Project Finance

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Akin Intelligence - May 2025

On May 13, 2025, the Commerce Department’s Bureau of Industry and Security (BIS) announced that the Commerce Department initiated a rescission of the Biden Administration’s Framework for Artificial Intelligence Diffusion (“AI… more

Artificial Intelligence, Biden Administration, Bots, Bureau of Industry and Security (BIS), Collective Actions

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Are Your Noncompete Agreements Dying of Old Age?

Key Points - • Tight labor markets are leading courts and legislatures to closely scrutinize noncompetes and other restrictive covenants. • If there are changes in an employee’s job and/or the company’s business, it may… more

Employer Liability Issues, Employment Contract, Fair Labor Standards Act (FLSA), Hiring & Firing, Non-Compete Agreements

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Significant Cuts to IRA Clean Energy Tax Credits Included in Enacted Reconciliation Bill

President Trump signed the “One, Big, Beautiful Bill Act” (the “OBBB”) into law on July 4, 2025. Congress passed the legislation using the budget reconciliation process to avoid the 60-vote Senate filibuster. In addition to… more

Clean Energy, Energy Tax Incentives, Executive Orders, Inflation Reduction Act (IRA), Internal Revenue Code (IRC)

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SEC Approves New Nasdaq Rules Covering Board Diversity Disclosures

On Friday, August 6, 2021, the U.S. Securities and Exchange Commission (SEC) issued an order (the “Order”) approving certain rule changes proposed by The Nasdaq Stock Market LLC (“Nasdaq”), which will require companies listed on… more

Board of Directors, Corporate Governance, Disclosure Requirements, Diversity and Inclusion Standards (D&I), Environmental Social & Governance (ESG)

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Federal Agency Settlements with Wells Fargo Illustrate Sanctions Risks Involving IT Systems

Key Points - On March 30, 2023, OFAC announced a settlement agreement with Wells Fargo for 124 apparent violations of three different sanctions programs (Iran, Syria and Sudan), all related to a legacy Wachovia Bank software… more

Compliance, Corporate Counsel, Corporate Culture, Corporate Misconduct, Economic Sanctions

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Akin Intelligence - May 2025

On May 13, 2025, the Commerce Department’s Bureau of Industry and Security (BIS) announced that the Commerce Department initiated a rescission of the Biden Administration’s Framework for Artificial Intelligence Diffusion (“AI… more

Artificial Intelligence, Biden Administration, Bots, Bureau of Industry and Security (BIS), Collective Actions

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Trump Administration Issues Sweeping Sanctions Relief for Syria

On May 23, 2025, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued Syria General License (GL) 25 to provide immediate sanctions relief for Syria in line with President Trump’s May 13, 2025… more

Economic Sanctions, Executive Orders, Foreign Policy, General Licenses, International Trade

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COVID-19-Related Orders and Legislation Governing Business Operations, Limiting Liability and Expanding Workers’ Compensation Coverage

At the beginning of the COVID-19 crisis, the vast majority of states across the country implemented “stay at home” orders requiring the closure of, or severely restricting, nonessential business operations… more

Coronavirus/COVID-19, Employer Liability Issues, Health and Safety, Infectious Diseases, State Labor Laws

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Energy SPACs in Pursuit of an Acquisition: Spring 2019 Survey

A special purpose acquisition company (“SPAC”) is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or… more

Emerging Growth Companies, Energy Sector, Initial Public Offering (IPO), Investment Opportunities, Nasdaq

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En Banc 9th Circuit Holds Class Action Certification Is Different For Settlement Classes

• En banc 9th Circuit affirmed a $210 million settlement in multidistrict litigation against Hyundai and Kia relating to their alleged misrepresentations about the fuel efficiency of their vehicles, reversing the decision of a… more

Choice-of-Law, Class Action, Class Certification, FRCP 23, Hyundai

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COBRA Premium Subsidy under the American Rescue Plan Act of 2021 and IRS Notice 2021-31

On May 18, 2021, the Internal Revenue Service (IRS) released Notice 2021-31 (the “Notice”) providing guidance in Q&A format on the application of the temporary COBRA premium assistance provisions of the American Rescue Plan Act… more

American Rescue Plan Act of 2021, COBRA, Department of Labor (DOL), Employee Benefits, Employer Group Health Plans

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Chevron Runs Out of Gas: The Bumpy Road Ahead for Health Regulations After Loper Bright

On June 28, in Loper Bright Enterprises v. Raimondo, the Supreme Court overturned the longstanding Chevron doctrine, under which courts generally granted deference to a federal agency’s reasonable interpretation of ambiguous… more

Administrative Procedure Act, Centers for Medicare & Medicaid Services (CMS), Chevron Deference, Chevron v NRDC, Corner Post Inc v Board of Governors of the Federal Reserve System

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PTAB Ruling Highlights a Petitioner’s Burden for Qualifying an Internet Screenshot as a “Printed Publication”

In a recent decision issued in Louisiana-Pacific Corp. v. Huber Engineered Woods LLC, the Patent Trial and Appeal Board addressed the showing that a petitioner for inter partes review must make to demonstrate that an asserted… more

Corporate Counsel, Evidence, Inter Partes Review (IPR) Proceeding, Internet, Obviousness

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Downstream GHG Emissions to be Taken into Account in Planning Decisions

In a decision with far-reaching implications, the UK Supreme Court has determined that a grant of planning permission for oil production was unlawful for failing to take into account downstream greenhouse gas (GHG) emissions… more

Environmental Assessments, Environmental Impact Statements, EU, Greenhouse Gas Emissions, Oil & Gas

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SEC Chair Gensler Warns of a New Era of Cyber-Securities Laws

Gary Gensler, Chair of the U.S. Securities and Exchange Commission (SEC), signaled a new era of cybersecurity law (and accompanying enforcement) in his keynote address “Cybersecurity and Securities Laws” on January 24, 2022, at… more

Cyber Attacks, Cybersecurity, Data Breach, Data Protection, Data Security

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Lame Duck Agenda

With a historic election now behind us, the 118th Congress will return to work for a Lame Duck session to address must-pass items and for Senate Democrats to pass as many final judicial appointments as time and political will… more

Appropriations Bill, Farm Bill, Healthcare, Life Sciences, NDAA

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Insurance Coverage Questions In Light of Coronavirus

COVID-19 continues to have an unprecedented effect on business operations throughout the world. While the availability of insurance coverage for pandemic-related losses is still far from certain, it is imperative that business… more

Business Interruption, Commercial General Liability Policies, Coronavirus/COVID-19, D&O Insurance, Infectious Diseases

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Mexico’s Energy Industry: Round 3.1: Mexico Adds Another Success in Latest Shallow Water Tender

On March 27, 2018, the Comisión Nacional de Hidrocarburos (“CNH”) completed the Presentation and Opening of Bid Proposals for the First Tender of Round Three (“Round 3.1”), which was first announced on September 29, 2017. Round… more

Bids, Energy Exploration, Energy Reform, Energy Sector, Joint Venture

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UK Government Proposes New AI Regulatory Regime

The UK government (the “Government”) has published proposals for a new regulatory framework for artificial intelligence (the “White Paper”). Its goal is to “provide a clear, pro-innovation regulatory environment” to make Great… more

Artificial Intelligence, Cybersecurity, Data Protection, EU, Innovative Technology

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SFC Issues Consultation Conclusions on the Management and Disclosure of Climate-related Risks by Fund Managers

Key Points - The Fund Manager Code of Conduct will be amended to require fund managers managing collective investment schemes to take climate-related risks into consideration in their investment and risk management processes… more

Climate Change, Code of Conduct, Consultation, Disclosure Requirements, Environmental Social & Governance (ESG)

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Fifth Circuit Upholds Indian Child Welfare Act as Constitutional

On Friday, August 9, 2019, in Brackeen v. Bernhardt, No. 18-11479, the U.S. Court of Appeals for the 5th Circuit declared that the Indian Child Welfare Act (ICWA) and its implementing federal regulations (“the Final Rule”) are… more

Administrative Procedure Act, Anti-Commandeering, Appeals, Child Custody, Constitutional Challenges

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Oil & Gas in 2025: Energy Transition Opportunities

As we enter 2025 with a new president in the White House and Republicans in control of both the House and the Senate, we can look forward to a significant shift in the landscape for oil & gas transactions. The second Trump… more

Clean Energy, Climate Change, Energy Policy, Energy Projects, Energy Sector

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DOJ Hits Play: The End of the FCPA “Pause” and Return to Enforcement

On June 9, 2025, the Deputy Attorney General issued a Memorandum detailing the administration’s new FCPA guidelines for all current and future investigations and enforcement actions. According to the Head of DOJ’s Criminal… more

Anti-Corruption, Bribery, Criminal Prosecution, Department of Justice (DOJ), Enforcement Actions

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Texas Enacts New Pro-Business Law to Expand Its Appeal as a Hub for Business Incorporations

On May 14, 2025, Gov. Greg Abbott (R-TX) signed Texas Senate Bill 29 (SB29) into law. This legislation introduces notable amendments to the Texas Business Organizations Code (TBOC) and is part of a broader strategy to encourage… more

Board of Directors, Business Judgment Rule, Business Litigation, Corporate Governance, Derivative Suit

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The New Burden of Proof for Private Ratings

In this issue of Make (Whole) A Minute, we examine the new ratings rationale reporting requirements being implemented by the NAIC’s Securities Valuation Office. Insurance regulators have long sought greater transparency into… more

Burden of Proof, Capital Markets, Investment, NAIC, New Regulations

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USPTO and UKIPO Announce Collaboration Effort on Standard Essential Patent Policies

The United States Patent and Trademark Office (USPTO) and the United Kingdom Intellectual Property Office (UKIPO) have signed a memorandum of understanding (MoU) that outlines a new framework for collaboration between the two… more

European Patent Office, FRAND, Non-Discrimination Rules, Patents, Popular

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CARES Act Summary – Title IV—Economic Stabilization and Assistance to Severely Distressed Sectors of the U.S. Economy

The law provides $500 billion to Treasury’s Exchange Stabilization Fund to provide liquidity to eligible businesses, states and municipalities related to losses incurred as a result of coronavirus by providing loans, loan… more

Air Carriers, CARES Act, Coronavirus/COVID-19, Economic Downturn, Federal Loans

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SEC to Consider Changes to “Foreign Private Issuer” Eligibility Criteria

On June 4, 2025, the U.S. Securities and Exchange Commission (the “SEC”) published a concept release soliciting public comment on potential changes to the definition of “foreign private issuer” (“FPI”)… more

Capital Markets, Disclosure Requirements, Foreign Private Issuers, Proposed Rules, Regulatory Reform

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FDA Announces New Director of the Center for Devices and Radiological Health

Dr. Michelle Tarver is a visionary public health executive, board-certified in ophthalmology with a doctorate in epidemiology, who serves as the Director of the Center for Devices and Radiological Health (CDRH). She has spent… more

Food and Drug Administration (FDA), Medical Devices, Public Health, Research and Development

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The UK’s New Subsidy Regime: Not a Return to the 1970s and the Government Picking Winners?

The UK government introduced into Parliament a wholesale change to its State aid rules under the new Subsidy Control Bill on 30 June 2021 (the “Bill”). The regime, which is set to come into effect in H1 2022, subject to… more

Competition, European Commission, National Security, State Aid, UK

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Compacts Renewal Ushers in New Era of Relations Between the U.S. and Freely Associated States

When President Biden signed the Consolidated Appropriations Act into law on March 9, he dramatically altered U.S. relationships with the Republic of the Marshall Islands (RMI), the Republic of Palau, and the Federated States of… more

Climate Change, Consolidated Appropriations Act (CAA), Department of Defense (DOD), Executive Orders, FDIC

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Untapped Potential: The Opportunity in Biomethane Production

Biomethane is indistinguishable from natural gas and can be deployed as a drop-in renewable replacement to natural gas without the need for adaptation of network infrastructure or end-user equipment. The scale of opportunity… more

Clean Energy, Climate Change, Energy Policy, Energy Sector, Environmental Policies

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ADGM Entities May Now Own Property in Abu Dhabi

Qualifying Abu Dhabi Global Market (ADGM) entities, including special purpose vehicles, foundations and real estate investment funds, may now hold title to property in Abu Dhabi (onshore and in the free zone) thanks to an… more

Abu Dhabi Global Markets (ADGM), Asset Management, Economic Development, Fund Managers, Investment Funds

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Navigating Relief Under the CARES Act in the Entertainment Industry

- The Paycheck Protection Program (PPP), contained within the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act” or the “Act”) signed by President Trump on March 27, 2020, creates a $349 billion loan facility to… more

CARES Act, Coronavirus/COVID-19, Economic Injury Disaster Loans, Entertainment Industry, Federal Loans

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Freight Rail Couplers from China and Mexico Subject to New AD/CVD Petitions

Key Points - U.S. producers filed a new petition on freight rail couplers from China and Mexico that could subject those products to antidumping and countervailing duties. In 2021, China and Mexico made up a combined 75… more

Anti-Dumping Agreement, China, Countervailing Duties, Imports, International Trade Commission (ITC)

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Concurrent Delay – Is the English Court of Appeal's Clarification Conclusive?

• The Court of Appeal has held that a clause denying an extension of time to a Contractor if there is concurrent delay is enforceable and is not contrary to the so-called “prevention principle.” • The Court of Appeal declined… more

Appeals, Claim Procedures, Construction Contracts, Construction Disputes, Construction Industry

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Ethics Changes for Trump Administration Appointees

In one of the first actions of his second term, President Trump rescinded the Biden ethics executive order for political appointees in the presidential administration. Unlike in 2017, President Trump has not yet issued his own… more

Biden Administration, Ethics, Executive Orders, Foreign Agents Registration Act (FARA), Gifts

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BIS Rescinds Its AI Diffusion Rule and Issues Compliance Guidance Regarding Advanced Computing Items

The U.S. Department of Commerce’s Bureau of Industry and Security (BIS) issued a series of significant updates affecting export controls on advanced computing integrated circuits (ICs), artificial intelligence (AI) technologies,… more

Artificial Intelligence, Biden Administration, Bureau of Industry and Security (BIS), China, Export Controls

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Beyond the Strikes: How AI Is Reshaping the Media & Entertainment Landscape—and How Global Regulators Are Responding

Artificial intelligence (AI) is rapidly transforming the media and entertainment industry. Once viewed by many as a threat, AI is increasingly being embraced as a powerful tool. Studios and tech-forward production companies are… more

AI Act, Artificial Intelligence, Copyright, Copyright Infringement, Copyright Litigation

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Court of Appeal Blazes 'Middle Ground' Approach to PAGA Intervention

On August 18, 2022, the California Court of Appeal (Fifth District) decided Porras v. Chipotle Servs., LLC, No. F081113, 2022 WL 3499646, rejecting a former employee’s attempt to vacate a $4.9 million Private Attorneys General… more

Employer Liability Issues, Former Employee, Labor Regulations, Private Attorneys General Act (PAGA), Standing

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Acquirors Beware: PE Firm Escapes DOJ Prosecution, but Acquired Entity Hit With $2 million+ in Penalties

In March 2024, NSD issued an updated Enforcement Policy for Business Organizations (NSD Enforcement Policy) that includes the M&A Policy.  Under the M&A Policy, where an acquiring company makes a qualifying voluntary… more

Acquisitions, Department of Justice (DOJ), Due Diligence, Economic Sanctions, Enforcement Actions

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BIS Rescinds Its AI Diffusion Rule and Issues Compliance Guidance Regarding Advanced Computing Items

The U.S. Department of Commerce’s Bureau of Industry and Security (BIS) issued a series of significant updates affecting export controls on advanced computing integrated circuits (ICs), artificial intelligence (AI) technologies,… more

Artificial Intelligence, Biden Administration, Bureau of Industry and Security (BIS), China, Export Controls

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Private Credit Insights: Exploring the Challenges of Side Letters in Financing Transactions

As private credit continues its rise as a key source of flexible capital for traditional private equity, there has been a growing focus by credit funds on the use and role of side letters in financing transactions. In many… more

Corporate Financing, Creditors, Investment Management, Private Equity, Private Equity Firms

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CEQ Instructs Federal Agencies to Consider Climate Change Impacts During NEPA Reviews

On August 2, 2016, the Council on Environmental Quality (CEQ) released a Final Guidance for Federal Departments and Agencies on Consideration of Greenhouse Gas Emissions and the Effects of Climate Change in National… more

Climate Change, Environmental Assessments, Environmental Impact Report (EIR), Final Guidance, Greenhouse Gas Emissions

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IRS Issues Proposed Rules on New Tech-Neutral Clean Energy PTC and ITC

On May 29, 2024, the Internal Revenue Service (IRS) and the Department of Treasury issued proposed regulations (REG-119283-23) addressing the new technology neutral clean electricity production tax credit (PTC) in section 45Y… more

Clean Energy, Greenhouse Gas Emissions, Inflation Reduction Act (IRA), Investment Tax Credits, IRS

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Who is in Control? Considerations for Significant Equityholders in the Current Business Environment

Equity investors and sponsors are actively reviewing the financial needs and business operations of their portfolio companies. As a result of the economic upheaval and government-mandated social restrictions imposed by the… more

Board of Directors, Controlling Stockholders, Coronavirus/COVID-19, Corporate Governance, Fiduciary Duty

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Overlooked Patent Cases: Indirect Infringement Developments

Allegations of indirect patent infringement require, among other things, pleading that the defendant had knowledge of the asserted patent. It is not well-settled law, however, whether notice of a complaint itself satisfies this… more

Declaratory Judgments, Federal Rule 12(b)(6), Indirect Infringement, Motion to Dismiss, Patent Infringement

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Space Law, Regulation and Policy Update - July 11, 2025

Good Afternoon! It’s been a busy couple of weeks in the orbit of Washington. President Trump nominated a new NASA Administrator, and the “Big Beautiful Bill” gave Space Force a big budget bump. Meanwhile, scientists and the… more

Aerospace, Budget Cuts, China, International Trade, NASA

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Oil & Gas in 2025: Emerging Trends & Predictions

As we enter 2025 with a new president in the White House and Republicans in control of both the House and the Senate, we can look forward to a significant shift in the landscape for oil & gas transactions. The second Trump… more

Biden Administration, Clean Energy, Climate Change, Energy Policy, Energy Sector

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Significant New U.S. Person and Other Export Controls Proposed Regarding Military, Intelligence, and Security End Users

The U.S. Department of Commerce’s Bureau of Industry and Security (BIS) has published proposed amendments to the Export Administration Regulations (EAR) that would significantly expand the scope of the export controls over U.S… more

Anti-Terrorism Financing, Bureau of Industry and Security (BIS), China, Directorate of Defense Trade Controls (DDTC), Due Diligence

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California Insurance Commissioner Orders Premium Returns Due to COVID-19

- California Insurance Commissioner Ricardo Lara issued Bulletin 2020-3 requiring insurers to refund premiums to policyholders of several lines of insurance, including automobile insurance, workers compensation and property and… more

Auto Insurance, Casualty Insurance, Commercial Insurance Policies, Coronavirus/COVID-19, Department of Insurance

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Oil & Gas in 2025: Emerging Trends & Predictions

As we enter 2025 with a new president in the White House and Republicans in control of both the House and the Senate, we can look forward to a significant shift in the landscape for oil & gas transactions. The second Trump… more

Biden Administration, Clean Energy, Climate Change, Energy Policy, Energy Sector

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Energy Policy Priorities for the 119th Congress and Trump Administration

President-elect Trump has been outspoken about his intent to reverse many of the Biden administration’s clean energy legislative and regulatory actions. We expect that the second Trump administration will seek to repeal most,… more

Carbon Capture and Sequestration, Clean Energy, Department of Energy (DOE), Energy Sector, Greenhouse Gas Emissions

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Major Gift Planning Opportunities for 2024

The federal gift, estate and generation-skipping transfer (GST) tax exemptions for 2024 are historically high and present significant tax-free gifting opportunities next year.The gift and estate tax exemptions will increase to… more

Beneficiaries, Estate-Tax Exemption, Generation-Skipping Transfer, Gift-Tax Exemption, Grantor Retained Annuity Trusts (GRATs)

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Oil & Gas in 2025: Energy Transition Opportunities

As we enter 2025 with a new president in the White House and Republicans in control of both the House and the Senate, we can look forward to a significant shift in the landscape for oil & gas transactions. The second Trump… more

Clean Energy, Climate Change, Energy Policy, Energy Projects, Energy Sector

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United States’ Commitments, Partnerships and Initiatives at COP26

Executive Summary - During the recent United Nations Climate Change Conference of the Parties, or "COP26," the United States' "whole-of-government" approach to climate change was on full display, with the Biden-Harris… more

Climate Change, COP, Energy Sector, Environmental Policies, Environmental Social & Governance (ESG)

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Stipulated Motion to Stay Denied Until All Defendants Agree to be Bound by IPR Estoppel

In a patent infringement litigation in the U.S. District Court for the Eastern District of Texas, Judge Rodney Gilstrap denied a joint motion to stay the litigation pending resolution of inter partes review when it was uncertain… more

§315(e), Estoppel, Inter Partes Review (IPR) Proceeding, Judicial Authority, Litigation Strategies

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Tribal Nations Receive Governmental Resources in CARES Act

Tribal nations are governments. As such, they are responsible for the same type of governmental functions as state and local governments such as health, education, social services, infrastructure, elderly care, public safety,… more

CARES Act, Coronavirus/COVID-19, Financial Stimulus, Health and Safety, Infectious Diseases

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DoD Updates Section 1260H List of Chinese Military Companies Operating Directly or Indirectly in the United States

Key Points - On January 31, 2024, the Department of Defense (DoD) released an update to its list of “Chinese military companies” that are “operating directly or indirectly in the United States” in accordance with the statutory… more

Bureau of Industry and Security (BIS), China, Department of Defense (DOD), Executive Branch, Military Contracts

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Autonomous Akin Update - February 2024 (Part 2)

Our newsletter reflects the focus of Akin’s cross-practice autonomous systems and advanced mobility team on developments in the regulatory, policy, trade, intellectual property, and cybersecurity and privacy spaces. Autonomous… more

Aircraft, Cybersecurity, Driverless Cars, Drones, Electric Vehicles

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OFSI Imposes Monetary Penalty Against Former Moscow Office of International Law Firm for Sanctions Breaches

On March 20, 2025, the U.K.’s Office of Financial Sanctions Implementation (OFSI) announced that, in accordance with section 146 of the Policing and Crime Act 2017 (PACA), a monetary penalty of £465,000 had been imposed against… more

Compliance, Due Diligence, Economic Sanctions, Enforcement Actions, Office of Financial Sanctions Implementation (OFSI)

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The Hong Kong Court Refuses to Stay ‘Keepwell’ Claims

In a noteworthy decision handed down on 17 December 2021 (“Decision”), the High Court of Hong Kong recognised the Mainland China bankruptcy administrator (“Administrator”) of Peking University Founder Group Limited (PKU) and… more

Bankruptcy Reform, China, Commercial Bankruptcy, Corporate Restructuring, Cross-Border

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Anti-Obesity Medications: Noteworthy Developments as Policymakers Weigh Coverage Considerations

Key Points - GLP-1 agonists have ushered in a new era in anti-obesity medication policy considerations against the backdrop of a continued focus by policymakers on both drug access and pricing. CMS has taken steps to clarify the… more

Abbreviated New Drug Application (ANDA), Centers for Medicare & Medicaid Services (CMS), Drug Pricing, Federal Trade Commission (FTC), Food and Drug Administration (FDA)

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Trump Administration Seeks to Streamline Federal Procurement

Between April 9 and April 16, President Trump issued three executive orders (EOs) calling for reforms to the federal procurement system. The April 9 EO, “Modernizing Defense Acquisitions and Spurring Innovation in the Defense… more

Department of Defense (DOD), Executive Orders, Federal Acquisition Regulations (FAR), Federal Contractors, Government Agencies

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COVID-19-Related Orders and Legislation Governing Business Operations, Limiting Liability and Expanding Workers’ Compensation Coverage

At the beginning of the COVID-19 crisis, the vast majority of states across the country implemented “stay at home” orders requiring the closure of, or severely restricting, nonessential business operations… more

Coronavirus/COVID-19, Employer Liability Issues, Health and Safety, Infectious Diseases, State Labor Laws

See all updates »

EU Commission Moves on CBAM Downstream Expansion and Exporter Compensation

In separate developments, the European Commission (the “Commission”) opened a public consultation on the extension of the Carbon Border Adjustment Mechanism (CBAM) to downstream products and on additional anti-circumvention… more

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

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New UAE Bankruptcy Law – Key Features You Need to Know

On 31 October 2023, Federal Law No. 51 of 2023 Promulgating the Financial and Bankruptcy Law (the Bankruptcy Law) was published in the United Arab Emirates (UAE) Official Gazette, repealing the prior federal law on bankruptcy… more

Bankruptcy Court, Foreign Bankruptcies, New Legislation, New Regulations, Regulatory Agenda

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Biden Administration Reviewing Comments on Interim Final ICTS Rule

Key Points - On January 19, 2021, the U.S. Commerce Department published an interim final rule (IFR) to implement Executive Order 13873 of May 15, 2019, on “Securing the Information and Communications Technology and Services… more

Biden Administration, CFIUS, Critical Infrastructure Sectors, Foreign Adversaries, Interim Final Rules (IFR)

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Pitfalls and Issues for Lenders to Consider in Connection with LIBOR to SOFR Transition

The upcoming transition from LIBOR, which is published by ICE Benchmark Administration Limited (IBA), to the Secured Overnight Funds Rate (SOFR), which is published by the New York Federal Reserve Bank (NYFRB), has prompted a… more

Alternative Reference Rates Committee (ARRC), ICE Benchmark Administration (IBA), Interest Rates, Leveraged Finance, Libor

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Federal Circuit: Narrow Definition of Skill in the Art Dooms Expert’s Testimony

In Kyocera Senco Industrial Tools Inc. v. International Trade Commission, the Federal Circuit held that an expert who did not possess the specific defined level of ordinary skill in the art could not testify about infringement,… more

Administrative Law Judge (ALJ), Claim Construction, Expert Testimony, International Trade Commission (ITC), Patent Infringement

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The Health Over Wealth Act Takes Aim at Private Equity Investment in Health Care

Key Points - Congress is increasing oversight and legislative activity related to the role of private equity in health care. Sen. Markey and Rep. Jayapal jointly introduced the Health Over Wealth Act on July 25, which aims to… more

Health Care Providers, Healthcare, Investment, Lease Back Transactions, No Surprises Act (NSA)

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FTC and DOJ Announce Temporary Suspension of Early Termination Grants

Key Points Federal Trade Commission (FTC) and Department of Justice Antitrust Division (DOJ) have temporarily suspended discretionary grants of early termination of the waiting period under the Hart-Scott-Rodino (HSR) Antitrust… more

Acquisitions, Antitrust Provisions, Department of Justice (DOJ), Federal Trade Commission (FTC), Filing Fees

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The Future of FCA Enforcement: Key Changes to the FCA's Streamlined Enforcement Guide

On 3 June 2025, the UK Financial Conduct Authority (FCA)’s updated Enforcement Guide (ENFG or the Guide) came into force. The ENFG, which replaces the previous Enforcement Guide (referred to as ‘EG’) from 2007, describes the… more

Enforcement Actions, Financial Conduct Authority (FCA), Investigations, UK, Waivers

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Trump Administration Issues Travel Bans and Restrictions for Nationals of 19 Countries

On June 4, 2025, President Trump announced restrictions on entry to the United States by nationals of several designated countries. The Executive Order (EO) titled “Restricting the Entry of Foreign Nationals to Protect the… more

Constitutional Challenges, Executive Orders, Foreign Nationals, Harvard University, Immigration and Nationality Act

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SCOTUS Remands Securities Class Action Back to the 2nd Circuit

On June 21, 2021, the U.S. Supreme Court issued its opinion in Goldman Sachs Group, Inc. v. Arkansas Teacher Retirement System,1 vacating the 2nd Circuit’s previous decision and remanding for further consideration as to whether… more

Arkansas Teacher Retirement System v Goldman Sachs Group, Burden of Persuasion, Class Action, Class Certification, Conflicts of Interest

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CryptoLink - May 2025

In May 2025, the leadership from the SEC provided guidance on digital asset regulation in several keynote addresses and round tables. The SEC's activities in May 2025 suggest a deliberate movement towards establishing a more… more

Capital Markets, Cryptocurrency, Digital Assets, Financial Regulatory Reform, New Guidance

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The Coronavirus and M&A Transactions: MAE Clauses

In late 2019, COVID-19 (more commonly known as the coronavirus) began to spread throughout mainland China, and has since spread around the world, affecting numerous lives and businesses. As a result, companies spanning a wide… more

Acquisitions, Buyers, Contract Termination, Contract Terms, Coronavirus/COVID-19

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FCC Chairman Outlines Proposals in Support of Build America Agenda

Chairman Carr delivered a speech in Sioux Falls, South Dakota, on July 2 titled “A Build Agenda for America” in which he laid out the FCC’s priorities for the remainder of President Donald Trump’s term. In citing to what he… more

Deregulation, FCC, Infrastructure, National Security, Regulatory Agenda

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Congressional Health Policy Outlook for 2023

The House and Senate convened this week to kick off the 118th Congress. Republicans control the House after four years of a Democratic majority. House Republicans have a very slim majority, with only 222 seats to the Democrats’… more

Biden Administration, Centers for Disease Control and Prevention (CDC), Congressional Budget Resolution, Health Care Providers, Health Insurance Portability and Accountability Act (HIPAA)

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Acquirors Beware: PE Firm Escapes DOJ Prosecution, but Acquired Entity Hit With $2 million+ in Penalties

In March 2024, NSD issued an updated Enforcement Policy for Business Organizations (NSD Enforcement Policy) that includes the M&A Policy.  Under the M&A Policy, where an acquiring company makes a qualifying voluntary… more

Acquisitions, Department of Justice (DOJ), Due Diligence, Economic Sanctions, Enforcement Actions

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Generative AI Cannot Meet Authorship Requirement for Copyright Protection, District Court Rules

A recent decision by Judge Beryl Howell in the United States District Court for the District of Columbia (“D.C. District Court”) affirmed that human authorship is required for copyright registration. In granting the United… more

Algorithms, Artificial Intelligence, Authorship, Copyright, Copyright Office

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SFC Issues Consultation Conclusions on the Management and Disclosure of Climate-related Risks by Fund Managers

Key Points - The Fund Manager Code of Conduct will be amended to require fund managers managing collective investment schemes to take climate-related risks into consideration in their investment and risk management processes… more

Climate Change, Code of Conduct, Consultation, Disclosure Requirements, Environmental Social & Governance (ESG)

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Texas Enacts New Pro-Business Law to Expand Its Appeal as a Hub for Business Incorporations

On May 14, 2025, Gov. Greg Abbott (R-TX) signed Texas Senate Bill 29 (SB29) into law. This legislation introduces notable amendments to the Texas Business Organizations Code (TBOC) and is part of a broader strategy to encourage… more

Board of Directors, Business Judgment Rule, Business Litigation, Corporate Governance, Derivative Suit

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Commerce Publishes Final Revised AD/CVD Regulations

Key Points - On September 20, Commerce published in the Federal Register updated regulations affecting its administration of new shipper reviews, scope inquiries and circumvention inquiries. The new regulations go into… more

Anti-Dumping Duty, Countervailing Duties, Country of Origin, Customs and Border Protection, Exports

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Akin Intelligence - May 2025

On May 13, 2025, the Commerce Department’s Bureau of Industry and Security (BIS) announced that the Commerce Department initiated a rescission of the Biden Administration’s Framework for Artificial Intelligence Diffusion (“AI… more

Artificial Intelligence, Biden Administration, Bots, Bureau of Industry and Security (BIS), Collective Actions

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NYDFS Amended Cybersecurity Rules: Overview of Upcoming Deadlines

On November 1, 2023, the New York Department of Financial Services (NYDFS) announced the adoption of amendments to its Cybersecurity Regulation 23 NYCRR Part 500 (“Amended Cybersecurity Rules” or “Amended Rules”). NYDFS adopted… more

Banks, Cybersecurity, Cybersecurity Framework, Data Protection, Financial Institutions

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Institutional Investments in Sports: Fueling Revenue and Valuation Growth

There was a time when ownership of a professional sports franchise was not regarded as a serious business venture. Owning a team, even in one of the major leagues in North America, was regarded as more of a frolic and detour, a… more

Franchises, Franchisors, Investment, Investors, Private Equity

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IRS Takes View That FIRPTA Exemption for Publicly Traded Stock Must Be Tested at Partnership Level

Key Points Internal IRS correspondence in the form of a recent Chief Counsel Memorandum concludes that funds structured as partnerships (e.g., master funds in a standard master-feeder structure) must determine the availability… more

Financial Services Industry, FIRPTA, Foreign Investment, Investment Funds, Investment Management

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Unified Patent Court to Officially Open in Europe

A Unified Patent Court (UPC) is expected to officially open its doors in Europe in late 2022 or early 2023. The UPC is a patent‑specific court established by 24 participating European Union (EU) member states, with the goal of… more

EU, European Patent Office, Intellectual Property Protection, Patent Applications, Patent Litigation

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Reminder to Managers of New Fund Marketing Rules in the EU

1. Overview The new rules on the promotion of funds introduced by the new Cross-Border Distribution of Collective Investment Undertakings Directive and Regulation (Cross-Border Distribution of Funds (CBDF) Rules) are due to… more

AIFM, Alternative Investment Fund Managers Directive (AIFMD), Cross-Border, EU, European Securities and Markets Authority (ESMA)

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Contract Is (Still) King - Update on the UK Supreme Court’s Decision in RTI Ltd v MUR Shipping BV

Key Takeaways - In the words of the UK Supreme Court, the decision in RTI v MUR raised “fundamental points of principle” that could, in theory, apply to all force majeure clauses. Our top three takeaways are: Unlike the common… more

Arbitration, Breach of Contract, Common Law Claims, Contract Terms, Force Majeure Clause

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Green and Sustainability-Linked Private Placements by EU and UK Issuers

Environmental, social and governance (ESG) factors are becoming increasingly relevant across a range of financial investments. This has been driven in part by changes in the legal and regulatory landscape, including increased… more

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

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Negotiating Style Causes Trouble in Delaware Minority Buyout

For majority stockholders in Delaware companies, the complications and added expenses often caused by minority stockholders may result in a decision to buy out that minority, simplify the company’s capital structure and… more

Controlling Stockholders, Minority Shareholders, Shareholder Litigation, Shareholders

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The New PRC Personal Information Protection Law

On August 20, 2021, the 30th session of the Standing Committee of the 13th National People’s Congress (NPC) adopted China’s new PRC Personal Information Protection Law (PIPL), which will take effect on November 1, 2021. The new… more

China, Criminal Liability, Cybersecurity, Data Collection, Data Privacy

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SEC Brings First-Ever ‘Alternative Data’ Enforcement Action

Key Points - The SEC has charged App Annie, Inc. and its former CEO with violations of Section 10(b) of the Exchange Act and Rule 10b-5, which constitute the primary mechanism for enforcing insider trading violations. This… more

Anti-Fraud Provisions, Confidential Information, Corporate Counsel, Enforcement Actions, Fund Managers

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FERC Holds Technical Conference to Explore Resource Adequacy Challenges

On June 4–5, 2025, the Federal Energy Regulatory Commission (FERC or Commission) hosted a commissioner-led technical conference to discuss resource adequacy challenges facing regional transmission organizations and independent… more

Capacity Market, Clean Energy, Electricity, Energy Policy, Energy Sector

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ECCTA 2023: Identity Verification Regime

On 26 October 2023, the ECCTA became law, overhauling key aspects of the UK’s legal framework on corporate and economic crime. The changes introduced by the ECCTA are being implemented in stages, with certain provisions of the… more

Business Entities, Corporate Transparency Act, Directors, Enforcement, Filing Requirements

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CryptoLink - May 2025

In May 2025, the leadership from the SEC provided guidance on digital asset regulation in several keynote addresses and round tables. The SEC's activities in May 2025 suggest a deliberate movement towards establishing a more… more

Capital Markets, Cryptocurrency, Digital Assets, Financial Regulatory Reform, New Guidance

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SEC Proposes Changes to Rules Governing Integration of Exempt Offerings and General Solicitation

On March 4, 2020, the Securities and Exchange Commission (SEC) published a release entitled “Facilitating Capital Formation and Expanding Investment Opportunities by Improving Access to Capital in Private Markets” (the… more

Capital Formation, Entrepreneurs, Exemptions, General Solicitation, Investment Opportunities

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Unfinished Health Care Business: 10 Issues to Watch as Congress Rings in the New Year

Health care was one of the most active issue areas in 2023 and this trend is expected to continue when Congress returns in the New Year for the second session of the 118th Congress. The activity by the health committees of… more

Appropriation, Artificial Intelligence, Clinical Laboratories, Congressional Oversight, Department of Health and Human Services (HHS)

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Trump Administration Issues Travel Bans and Restrictions for Nationals of 19 Countries

On June 4, 2025, President Trump announced restrictions on entry to the United States by nationals of several designated countries. The Executive Order (EO) titled “Restricting the Entry of Foreign Nationals to Protect the… more

Constitutional Challenges, Executive Orders, Foreign Nationals, Harvard University, Immigration and Nationality Act

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Fourth (and Final?) Act in the Kabab-Ji Saga—What Law Governs the Arbitration Agreement (Law of the Seat or Law of the Underlying Contract)?

On 28 September 2022, the French Cour de cassation upheld the French Court of Appeal’s decision in Kabab-Ji SAL v. Kout Food Group that the law of the seat, rather than the law governing the underlying contract, governed issues… more

Arbitration, Arbitration Agreements, Choice-of-Law, France, Franchise Agreements

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Acquirors Beware: PE Firm Escapes DOJ Prosecution, but Acquired Entity Hit With $2 million+ in Penalties

In March 2024, NSD issued an updated Enforcement Policy for Business Organizations (NSD Enforcement Policy) that includes the M&A Policy.  Under the M&A Policy, where an acquiring company makes a qualifying voluntary… more

Acquisitions, Department of Justice (DOJ), Due Diligence, Economic Sanctions, Enforcement Actions

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Serta - Fifth Circuit Decision

On December 31, 2024, the U.S. Court of Appeals for the Fifth Circuit issued its long-awaited decision regarding the permissibility of the Serta Simmons Bedding (Serta) uptier liability management exercise (the 2020 Uptier) and… more

Appeals, Bankruptcy Code, Bankruptcy Court, Breach of Contract, Chapter 11

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New Money - Marking the Boundaries

The majority of all 2023 EMEA restructurings involving an equitisation and/or a maturity extension required the provision of new money. While equitisation can solve for an over-leveraged capital structure, and maturity… more

Capital Structures, Compensation, Creditors, EMEA, Fees

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Demystifying the Out-of-Court Foreclosure Process

Mezzanine lenders looking to foreclose on their collateral have the advantage of being able to pursue remedies outside of court. But the process, which is described in the Uniform Commercial Code (UCC), is often ill understood… more

Borrowers, Collateral, Foreclosure, Mezzanine Lenders, Mortgages

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CryptoLink - May 2025

In May 2025, the leadership from the SEC provided guidance on digital asset regulation in several keynote addresses and round tables. The SEC's activities in May 2025 suggest a deliberate movement towards establishing a more… more

Capital Markets, Cryptocurrency, Digital Assets, Financial Regulatory Reform, New Guidance

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USTR Concludes its Section 301 “Necessity Review” and Increases Tariffs in Key Sectors

Key Points - Last Tuesday, USTR announced the results of its Section 301 “necessity review.” Today, USTR followed up with a Federal Register notice providing details on the further proposed modifications to the Section 301… more

Batteries, China, Cybersecurity, Electric Vehicles, Financial Services Industry

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2025 Perspectives in Private Equity: Health Care & Life Sciences

Private equity investors in health care and life sciences must navigate a complex and shifting landscape influenced by regulatory and policy changes and technological advancements. As private equity investments in the health… more

Artificial Intelligence, Chevron Deference, Drug Pricing, Food and Drug Administration (FDA), Health Care Providers

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Proxy Advisory Firms Issue 2023 Voting Guidelines

As companies begin preparing for the 2023 proxy season, we note that Institutional Shareholder Services Inc. (ISS) and Glass Lewis, the leading providers of corporate governance solutions and proxy advisory services, issued… more

Corporate Governance, Glass Lewis, Institutional Shareholder Services (ISS), Investment Adviser, Investment Management

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EU Digital Services Act: Final Call to Respond to the Consultation on Access to Data From Very Large Online Platforms or Search Engines by Researchers

The European Commission’s (EC) public consultation on the draft delegated act in relation to access by researches to data from providers of very large online platforms (VLOPs) and very large online search engines (VLOSEs) under… more

EU, European Commission, Funding, Risk Mitigation, Search Engines

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House and Senate Schedules for 2017 Reveal an Increased Workload for Lawmakers

As the second session of the 114th Congress comes to a close, the House and Senate are busy preparing for the first session of the 115th Congress, which will convene on January 3, 2017. The House will be in session for 145 days,… more

Legislative Agendas, Trump Administration

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New Antidumping Duty and Countervailing Duty Petition on Silicon Metal from Angola, Australia, Laos, Norway and Thailand

On April 24, 2025, Ferroglobe USA Inc. and Mississippi Silicon Inc., domestic producers of silicon metal, filed a petition with the U.S. Department of Commerce (DOC) and the U.S. International Trade Commission (ITC) seeking the… more

Anti-Dumping Duty, Countervailing Duties, Imports, International Trade, International Trade Commission (ITC)

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CryptoLink - May 2025

In May 2025, the leadership from the SEC provided guidance on digital asset regulation in several keynote addresses and round tables. The SEC's activities in May 2025 suggest a deliberate movement towards establishing a more… more

Capital Markets, Cryptocurrency, Digital Assets, Financial Regulatory Reform, New Guidance

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FTC Proposes Updates to COPPA Rule

On January 18, 2024, the Federal Trade Commission (FTC) discussed its long-anticipated proposed changes for the Children’s Online Privacy Protection Rule (COPPA) in an open meeting. Released in a notice of proposed… more

Biometric Information, COPPA, Data Retention, Data Security, Disclosure Requirements

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From Crackdown to Calibration: The UK’s Evolving Carried Interest Regime

In November, we covered the UK government’s proposal to overhaul the tax treatment of carried interest in the United Kingdom—an effort to close perceived loopholes by shifting carried interest fully into the income tax regime,… more

Asset Management, Carried Interest, Financial Regulatory Reform, HM Treasury, Investment Management

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Five Takeaways from the UN Climate Change Conference (COP26)

Reflecting back on the 26th meeting of the Conference of the Parties to the U.N. Framework Convention on Climate Change (UNFCCC), or “COP26,” it may well become known as the “Pledge and Commitment COP.” Governments, businesses,… more

Climate Change, COP, Energy Sector, Environmental Policies, Paris Agreement

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The New U.K. Ownership and Control Transparency Regime (The PSC Regime)

If you read one thing... - U.K. corporates required to identify and record identities (including home addresses) of 25%+ holders of economics/votes/control (“PSCs”) – exclusion for most U.K. listed issuers. -… more

Directors, Primary Residence, Shareholders, Small Business Enterprise and Employment Act, Transparency

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New Antidumping and Countervailing Duty Petitions on Frozen Warmwater Shrimp from Ecuador, India, Indonesia and Vietnam

Introduction - On October 25, 2023, the American Shrimp Processors Association (ASPA) filed petitions with the United States Department of Commerce (DOC) and the U.S. International Trade Commission (ITC), seeking antidumping… more

Anti-Dumping Duty, Bitcoin, China, Countervailing Duties, Exporters

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The New PRC Personal Information Protection Law

On August 20, 2021, the 30th session of the Standing Committee of the 13th National People’s Congress (NPC) adopted China’s new PRC Personal Information Protection Law (PIPL), which will take effect on November 1, 2021. The new… more

China, Criminal Liability, Cybersecurity, Data Collection, Data Privacy

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Significant Cuts to IRA Clean Energy Tax Credits Included in Enacted Reconciliation Bill