Regulatory Playbook

Trending Issues

President Trump Initiates Section 232 Investigations into Pharmaceuticals, Semiconductors, Critical Minerals and Trucks
04.25.2025

The Trump administration has intensified its America First Trade Policy initiatives by announcing three new investigations under Section 232 of the Trade Expansion Act of 1962 by the Department of Commerce. As foreshadowed in the administration’s Day 1 Executive Order, last week Commerce announced the initiation of investigations into whether imports of pharmaceuticals, semiconductors and critical minerals threatened to impair national security. And on April 23, 2025, Commerce announced the initiation of a fourth Section 232 investigation into imports of trucks. These follow previously announced and ongoing investigations into copper and lumber, as well as existing section 232 duties on steel, aluminum and light passenger vehicles.

Presidential Memo Directs Immediate Repeal of Regulations Without Public Notice and Comment
04.23.2025

Continuing with the Trump administration’s deregulatory agenda, the White House issued a Presidential Memorandum on April 9 titled Directing the Appeal of Unlawful Regulations. It instructs executive agencies to repeal regulations that, in the administration’s view, are “unlawful” in light of 10 recent U.S. Supreme Court decisions. The directive builds on Executive Order 14219 and the broader “Department of Government Efficiency” initiative and calls for a sweeping review and repeal process.

DOJ Releases Its Data Security Program Compliance Guide
04.23.2025

On January 8, 2025, the U.S. Department of Justice (DOJ) issued its final rule (28 C.F.R. Part 202) implementing former President Biden’s Executive Order 14117 (Order), “Preventing Access to Americans’ Bulk Sensitive Personal Data and United States Government-Related Data by Countries of Concern.” The Order and final rule create the Data Security Program (DSP), which provides for restrictions or prohibitions on access to U.S. government-related data and Americans’ bulk sensitive data by specified countries of concern or covered persons. The regulations largely took effect on April 8, 2025, but additional affirmative compliance requirements for U.S. persons will take effect on October 6, 2025.

State Climate Laws and Litigation Face Federal Pushback Under New Executive Order
04.18.2025

On April 8, 2025, President Trump issued Executive Order 14260, Protecting American Energy From State Overreach. Framed as part of the Administration’s broader strategy of unleashing American energy, the Order directs federal agencies to eliminate what it calls “illegitimate impediments” posed by state and local governments to the production, development and use of traditional energy resources—oil, natural gas, coal, hydropower, geothermal, biofuel, critical minerals and nuclear energy.

CTA Deadline Approaching for Foreign Reporting Companies
04.18.2025

The Corporate Transparency Act (CTA) was adopted by Congress in January 2021 and became effective on January 1, 2024. Under the CTA and the initial regulations implementing it, “reporting companies” (corporations, LLCs, limited partnerships, some trusts, and certain other entities formed or first registered (i.e., qualified) to do business in the United States, its states or territories) were required to file information as to their “beneficial owners” in a non-public database managed by the Financial Crimes Enforcement Network (FinCEN), part of the U.S. Department of the Treasury. Reporting companies created or (if foreign) first registered in or after 2024 were required to file starting January 1, 2024. Reporting companies created or (if foreign) first registered prior to January 1, 2024, were initially required to file starting January 1, 2025. The CTA and regulations exempt numerous entities from being reporting companies subject to the strictures of the CTA.

California SB 813 Proposes Landmark Safe Harbor for AI Development Through Certification
04.17.2025

California Senate Bill 813, authored by Senator Jerry McNerney, a former four-term member of the U.S. House of Representatives and author of the federal “AI in Government Act,” proposes the establishment of Multistakeholder Regulatory Organizations (MROs)—private entities which would be designated by the California Attorney General to certify the safety and compliance of AI models and applications. These certifications would serve not only as new governance benchmarks but also provide developers with a powerful affirmative defense against civil liability in certain legal claims.

The EU’s Cyber Resilience Act: New Cybersecurity Requirements for Connected Products and Software
04.15.2025

The EU has adopted Regulation (EU) 2024/2847 (Cyber Resilience Act or CRA), which introduces new cybersecurity requirements for connected products, software and their remote data processing solutions. The CRA entered into force on December 10, 2024, and its main obligations will apply from December 11, 2027. From this date, “products with digital elements” (including hardware, software and supporting services) that do not comply with the CRA’s requirements cannot be sold in the EU.

Supreme Court Issues New RICO Decision
04.14.2025

On April 2, 2025, the Supreme Court issued a decision in Medical Marijuana, Inc. v. Horn, resolving a circuit split as to whether a plaintiff may recover damages under RICO for business or property harm that derives from a personal injury.

Share Transfer Tripwire: Some Hidden Risks in Deed of Adherence Clauses
04.11.2025

Certain provisions commonly found in joint venture and shareholder documentation for early-stage and investment companies are so ubiquitous that they are often accepted without negotiation or full consideration of their wider implications. One such clause, frequently included in the articles of association of English early-stage companies, provides that if a person wishes to transfer shares to a party not already bound by the existing shareholders’ agreement (SHA), then the transferor must ensure that the transferee executes a deed of adherence agreeing to be bound by the SHA (Deed of Adherence) as a condition of the transfer.

U.S. Department of Justice Curtails “Regulation by Prosecution” in Digital Asset Enforcement
04.10.2025

What the New Policy Says
On April 7, 2025, Deputy Attorney General Todd Blanche issued a Memorandum titled, “Ending Regulation by Prosecution,” which outlines changes to the approach of the U.S. Department of Justice (DOJ) to digital assets and criminal enforcement. The stated goal of the Memorandum, which implements Executive Order 14178 (Strengthening American Leadership in Digital Financial Technology), is to effectuate President Trump’s directive that DOJ “end the regulatory weaponization against digital assets.”

Lashify v ITC: The Federal Circuit Redefines the Domestic Industry Requirement
04.08.2025

Complainant Lashify, Inc. appealed an adverse decision by the U.S. International Trade Commission (Commission) which found that Lashify failed to satisfy the economic prong of the domestic industry requirement with respect to three asserted patents. In the underlying investigation, the presiding Administrative Law Judge “excluded expenses relating to sales, marketing, warehousing, quality control, and distribution.” Lashify, Inc. v. Int'l Trade Comm'n, 130 F.4th 948, 955 (Fed. Cir. 2025). On review, the Commission majority agreed, reasoning that it “‘is well settled that sales and marketing activities alone cannot satisfy the domestic industry requirement’” and that “expenses relating to warehousing, quality control, and distribution … are akin to those incurred by mere importers.”

U.S. Department of Energy Reopens Funding Initiative for Gen III+ Small Modular Reactors with Key Modifications Reflecting Trump Administration Priorities
04.07.2025

On March 24, 2025, the U.S. Department of Energy (DOE) reopened its funding initiative for Generation III+ Small Modular Reactors (Gen III+ SMRs) with modifications aligned with the Trump administration’s policy priorities and energy policy objectives. The modified funding initiative focuses on regulatory streamlining, deregulation and the acceleration of energy infrastructure, while deprioritizing community-based initiatives. As part of this shift, DOE has removed requirements related to community engagement and workforce equity and clarified that award selection will be based solely on technical merit.

Trump Launches $1 Billion Plus Investment Fast Track with New Executive Order
04.04.2025

Against the backdrop of rising global competition and ongoing industrial policy debates, on March 31, 2025, President Trump signed Executive Order (EO) 14255, “Establishing the United States Investment Accelerator,” aimed at encouraging large-scale domestic and foreign investment.

The Battle Over Climate Superfund Laws: Legal Challenges in Vermont and New York
04.04.2025

States are increasingly turning to “Climate Superfund” laws as a potential mechanism to offset the growing costs of climate-related disaster recovery and the construction of more climate change-resilient infrastructure. These laws aim to hold select energy companies financially responsible for infrastructure resiliency investments and climate-related damages based on prior greenhouse gas (GHG) emissions. However, they raise significant constitutional questions, particularly concerning state authority over global and interstate climate issues and the retroactive imposition of liability for past, lawful activities. The first two states to enact such laws—Vermont and New York—are already defending them in court against challenges rooted in federal preemption and constitutional limitations.

President Trump Imposes Far-Reaching “Reciprocal” Tariffs, Implements Tariffs on Automobiles and Closes De Minimis Loophole for Chinese Imports
04.03.2025

On April 2, 2025, President Trump signed a sweeping Executive Order (EO) imposing tariffs designed to address what the Trump administration has characterized as persistent trade imbalances allegedly caused by unfair trade practices. Invoking the International Emergency Economic Powers Act (IEEPA), the Administration declared trade deficits a national emergency and is adopting tariffs based on its view of what would be required to drive the U.S. trade deficit in goods with each country to zero.

EPA Announces Sweeping Deregulatory Agenda: The Complete Set of EPA’s 31 Actions and Affected Environmental Regulations
04.03.2025

In what it called “the greatest and most consequential day of deregulation in U.S. history,” the Environmental Protection Agency (EPA) announced its most expansive deregulatory initiative to date on March 12, 2025. Through a series of press releases and a public address by Administrator Lee Zeldin, the agency outlined 31 planned actions aimed at rescinding, revising or reconsidering existing environmental rules and policies. Each of the press releases, as well as the underlying regulations at issue, are linked below.

SEC Ends Its Climate-Related Disclosure Requirements
04.01.2025

On March 6, 2024, the Securities and Exchange Commission (SEC) adopted final rules imposing new climate-related disclosure requirements on domestic and foreign registrants with respect to their annual reports and registration statements (Rules). Compliance was set to begin as early as the annual reports for December 31, 2025, for calendar-year-end issuers classified as large-accelerated filers.

Breaking Ground: The Trump Administration Invokes Emergency Powers in New Executive Order to Boost U.S. Critical Mineral Development
03.26.2025

On March 20, 2025, the Trump administration invoked emergency powers in an Executive Order (EO) entitled Immediate Measures to Increase American Mineral Production, aiming to accelerate domestic mineral mining and processing. The EO reiterates that onshoring domestic production—including for processing of minerals—is a priority component of the Administration’s broader government-wide efforts to strengthen the United States’ mineral supply chain.

New Federal Anti-Hazing Requirements for College Campuses
03.19.2025

Collection of Data Regarding “Hazing Incidents”: January 1, 2025
The federal “Stop Campus Hazing Act” (the Act) amends a subsection of the Clery Act by expanding the annual security report (ASR) reporting requirements and requiring covered colleges and universities to include statistics of “hazing incidents” which occurred within the school’s Clery geography and were reported to campus securities or local police agencies.

FinCEN Issues Order Imposing New Obligations on Money Services Businesses (MSBs) Operating Along the U.S. Southwest Border
03.18.2025

On March 14, 2025, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a Geographic Targeting Order (GTO) in the Federal Register that will impose new obligations on many money services businesses (MSBs) and their agents as defined in the regulations that implement the Bank Secrecy Act (BSA). The GTO will require MSBs and, where applicable, their agents, located or performing covered transactions/services in any of 30 ZIP codes located in seven counties along the southwestern border in Texas and California to identify each transaction involving MSB services in amounts of $200 – $10,000 of cash or currency, capture the requisite information on a Currency Transaction Report (CTR), verify the identity of persons presenting such transactions, and file the CTR with FinCEN within 15 calendar days after the transaction occurred. Where warranted, Suspicious Activity Reports (SARs) also will need to be filed by the MSB.

Anti-DEI Executive Orders Are Enforceable, for Now, After Fourth Circuit Lifts Preliminary Injunction
03.17.2025

On March 14, 2025, the U.S. Court of Appeals for the Fourth Circuit granted the Government’s motion for a temporary stay of a district court’s nationwide preliminary injunction against two Executive Orders that target diversity, equity, and inclusion (DEI) initiatives (the Anti-DEI EOs). The stay, in the case NADOHE v. Trump, was granted pending resolution of the Government’s appeal of the preliminary injunction. The order states that the court will set an expedited briefing schedule for that appeal.

Forthcoming Enterprise-Wide and Egregious Violations from California’s Division of Occupational Safety and Health
03.17.2025

On March 25, 2025, the California Department of Industrial Relations will hold an advisory committee meeting to solicit input on proposed amendments to Division of Occupational Safety and Health (Cal/OSHA) regulations regarding so-called “enterprise-wide” and “egregious” violations.

U.S. Bankruptcy Court Confirms Nonconsensual Third-Party Releases May Be Recognized Under Chapter 15 of the Bankruptcy Code
03.14.2025

On June 27, 2024, the U.S. Supreme Court issued a long-awaited ruling regarding the validity of nonconsensual third-party releases in the chapter 11 plan of pharmaceutical company Purdue Pharma. In Harrington v. Purdue Pharma L.P., the Supreme Court held that absent consent from the affected claimants (i.e., holders of more than $40 trillion in mass tort claims), the Bankruptcy Court lacked the power to approve a plan provision releasing Purdue’s founders, the Sackler family, from such alleged liabilities. In reaching that result, the Supreme Court concluded that nonconsensual third-party releases fall outside the scope of section 1123(b) of the Bankruptcy Code, which limits the types of provisions a bankruptcy plan may include. It also reasoned that nonconsensual third-party releases contravene section 1141(d), which provides a “discharge” from liability only to a “debtor.”

U.S. Tariffs on Non-USMCA-Compliant Products Take Effect; Increased Tariff Rate on China Imposed
03.10.2025

Between March 4, 2025, and March 6, 2025, U.S. trade policy in North America changed course multiple times as the Trump administration initially implemented previously paused tariffs on imports from Canada and Mexico, and two days later, suspended tariffs on all Canadian and Mexican imports that meet the rules of origin for preferential tariff treatment of the United States-Mexico-Canada Agreement (USMCA). The Trump administration also increased across-the-board tariffs on imports from China to 20%, which remain in place. These measures, introduced through a novel use of the International Emergency Economic Powers Act (IEEPA), come after an initial 30-day delay in imposing tariffs on the North American trading partners on February 3, 2025.

Taxmageddon: What to Expect under Trump 2.0 and a GOP-Led Congress
03.10.2025

With the Trump administration and a Republican-controlled Congress now in office, significant changes to the U.S. economic landscape and tax policy are expected. Indeed, legislation to change tax policy and to implement accompanying budget cuts to “pay for” potential decreased federal tax revenues is the signature legislative agenda item for the Washington Republicans during the first year of President Trump’s second term. The key question surrounding the legislation is how comprehensive a tax plan Congress can pass given the small majorities held by Republicans in the House (only 2-3 votes, pending expected retirements) and Senate (4 votes), the procedures by which the legislation advances, the competing legislative priorities, and the already large federal budget deficit.

U.S. Bankruptcy Court Agrees to Enforce English Three-Step, with Third-Party Releases, Used by Mexican Auto Financer
03.10.2025

On February 24, 2025, U.S. Bankruptcy Judge Michael E. Wiles granted “recognition” of an English insolvency proceeding and enforced an order approving an English scheme of arrangement for a new shell entity created in England by its Mexican parent solely to effectuate an English restructuring that provides consensual and non-consensual third-party releases of the Mexican parent company, even though the new entity had little connection with England. In re Mega NewCo Limited, No. 24-12031 (MEW), 2025 WL 601463 (Bankr. S.D.N.Y. Feb. 24, 2025) (“in light of the support of all of the affected parties and their overwhelming consent to the English Scheme Proceeding and the approval of the Scheme of Arrangement, and the other factors that I have cited, I see no cause in this particular case to look past the form of the transactions or to pursue theoretical issues that no affected party wishes to pursue”).

Council on Environmental Quality Rescinds NEPA Regulations
03.07.2025

As was widely anticipated, the Council on Environmental Quality (CEQ) recently rescinded its National Environmental Policy Act (NEPA) implementing regulations, eliminating the uniform framework that has governed NEPA compliance for decades. CEQ’s Interim Final Rule, published on February 25, 2025, removes 40 C.F.R. Parts 1500–1508 from the Code of Federal Regulations, dismantling longstanding procedural requirements for federal environmental reviews.

The Battle of the Shipyards: USTR Proposals Would Require U.S.-Flagged and U.S.-Built Vessels, Impose Fees on Operators of Chinese Vessels
03.07.2025

On February 21, 2025, the Office of the U.S. Trade Representative (USTR) announced a proposal to: (i) require that exporters of U.S. goods use U.S.-flagged and U.S.-built vessels for an increasing percentage of their exports; and (ii) impose service fees on Chinese vessel operators and other operators that use or contract for the use of Chinese-built vessels. If finalized, this proposal could have significant impacts on the cost of transporting and exporting U.S. goods and impact the trade flows of many commodities and other products. USTR intends to finalize its proposal on or before April 17, 2025. The deadline for submitting written comments is March 24, 2025, the date of USTR’s scheduled hearing on the proposed relief. We highly encourage affected interested parties to submit comments on the proposal.