Regulatory Playbook

Trending Issues

UK Launches Consultation on “Back British” Defence Offset Plan
11.03.2025

The UK Government has announced a new “Back British” defence offset initiative aimed at ensuring British businesses, workers and communities benefit when the Ministry of Defence (MoD) procures equipment or services from overseas suppliers. In an official press release published on October 23, 2025, Minister for Defence Readiness and Industry Luke Pollard unveiled a 12-week industry consultation on this proposed offset approach. The goal is to boost UK jobs, skills and innovation by requiring international defence contractors to invest in the UK economy as part of any major procurement deal.

California Imposes New Data Breach Notification Requirements
10.31.2025

On October 3, 2025, Governor Gavin Newsom signed into law Senate Bill No. 446, which makes important changes to the California data breach notification statute. The new law, which takes effect on January 1, 2026, mandates deadlines for data breach notification to affected individuals and the state attorney general. SB 446 passed with no votes in opposition.

Federal Reserve Governor Waller Proposes “Payment Accounts”: A Potential New On-Ramp for Payments Innovators
10.27.2025

In an October 21, 2025, address at the Federal Reserve’s inaugural Payments Innovation Conference, Gov. Christopher Waller outlined a proposal for the creation of a new class of Federal Reserve accounts—referred to as “payment accounts” or “skinny master accounts.” This proposal, though conceptual, could mark a significant operational development in how the Federal Reserve interfaces with payment-focused institutions and fintechs, while remaining within the statutory limits of current law. The idea reflects a growing acknowledgment within the Federal Reserve that the existing master account framework, which was designed for a traditional banking system, may not fully accommodate the technological evolution of the modern payments ecosystem.

Claims of a Link Between Tylenol/Acetaminophen Use and Autism Prompt Regulatory and Litigation Risks? Insurance Coverage May Offer Key Protection
10.24.2025

In late September 2025, the Food and Drug Administration (FDA) initiated the process for a label change for acetaminophen to reflect that the use of acetaminophen by pregnant women may be associated with an increased risk of neurological conditions. The FDA also sent a letter to physicians to “consider minimizing the use of acetaminophen during pregnancy for routine low-grade fevers” while acknowledging that such consideration should be “balanced with the fact that acetaminophen is the safest over-the-counter alternative in pregnancy among all analgesics and antipyretics.” President Donald Trump—with Secretary of Health and Human Services Robert F. Kennedy, Jr. at his side—amplified the FDA’s action, noting in a White House event that his administration “has determined that acetaminophen exposure during pregnancy causes autism.” The announcement conflicts with efforts by manufacturers, health professionals and industry groups to convince the public and regulators that common, over-the-counter pain medications can be used safely during pregnancy.

USPTO Issues Notice of Proposed Rulemaking, an Open Letter and Memorandum, Impacting Value and Availability of Inter Partes Reviews
10.23.2025

The U.S. Patent and Trademark Office’s (PTO) Notice of Proposed Rulemaking (NPRM) represents an important change in the continued evolution of inter partes review (IPR) practice. This NPRM was accompanied by an Open Letter from America’s Innovation Agency and a Memorandum from the PTO’s Director.

Implementation of Executive Order 14299 Turns Advanced Nuclear Deployment into a U.S. Army Priority
10.21.2025

On October 14, 2025, the U.S. Department of the Army announced the launch of the Janus Program, a next-generation nuclear energy initiative intended to deliver resilient and assured power for national defense installations and critical missions.

California Establishes New Criminal and Civil Liability Targeting Shared Pricing Algorithms and “Coercion”
10.16.2025

California’s AB 325, signed into law by Governor Newsom on October 6, 2025, and scheduled to take effect January 1, 2026, adds two new provisions to the Cartwright Act aimed at algorithmic pricing and platform design. One provision regulates the use or distribution of a “common pricing algorithm” and adds a stand-alone prohibition on coercing firms to adopt an algorithm’s recommended price or commercial term. Another provision establishes a more lenient pleading standard for Cartwright Act claims.

Federal Government Shutdown: Appropriations Stalemate, Operational Slowdowns and Grant Cancellation
10.10.2025

On October 1, 2025, the federal government entered a shutdown after Congress failed to enact any of the 12 fiscal year (FY) 2026 appropriations bills or pass a continuing resolution. Now entering its second week, the shutdown has suspended many routine agency operations and triggered widespread furloughs of federal employees. In parallel, the Administration has announced separate actions reviewing or cancelling billions of dollars in federal grants and awards.

California Air Resources Board Proposes Emergency Vehicle Emissions Regulations
10.03.2025

California’s Air Resources Board (CARB), the state’s primary environmental regulator for air quality, has proposed adoption of an emergency rule that would attempt to restore certain vehicle emissions standards in place prior to federal actions earlier this year disapproving California’s Advanced Clean Cars II (ACC II) and Omnibus vehicle emission standards. CARB asserts that the rulemaking is necessary to confirm that the previous vehicle emissions standards remain valid and enforceable during the pendency of ongoing litigation with the Trump administration over the legality of the Congress’ disapproval of California Clean Air Act (CAA) waivers allowing the ACC II and Omnibus regulations. CARB issued a Notice of Proposed Action (NOPA) for the emergency regulations on September 13, 2025.

The Government Shutdown: What Contractors Can Do to Recover Costs
10.03.2025

The federal government’s new fiscal year began on October 1, 2025. Given the current political climate, Congress did not agree on a new budget by the September 30 deadline and the government is currently shut down. All executive branch operations have ceased except for those deemed “essential.” This shutdown may last for days or even weeks and may significantly impact government contractors.

Trump Administration Unveils the “Gold Card” Visa Program
10.03.2025

On September 19, 2025, during a signing ceremony in the Oval Office, President Donald Trump signed Executive Order (EO) 14351, the Gold Card, and announced the formal start of the Trump Gold Card visa program. The Gold Card, in alignment with the President’s goal of realigning the U.S. immigration system, allows individuals and corporations to fast-track the U.S. residency process by making a financial contribution to the United States.

Can I Invest My 401(k) Account in Private Equity?
09.26.2025

On August 7, 2025, the White House issued Executive Order 14330, Democratizing Access to Alternative Assets for 401(k) Investors (the Order), directing the Department of Labor (DOL) to issue guidance that facilitates investment in “alternative assets” by participants in 401(k) and other defined contribution (DC) plans. The stated goal of the Order is to give all retirement plan participants access to the same benefits of alternative investments—potentially higher returns and diversification of risk—that are already enjoyed by large investors and governmental plans.

D.C. Circuit Reverses EPA, Reinstating the Title V Affirmative Defense for Emergency Emissions Events
09.25.2025

On September 5, 2025, the U.S. Court of Appeals for the District of Columbia (D.C.) Circuit issued its opinion in SSM Litigation Group v. EPA, reinstating the “emergency” affirmative defense to liability for violations of Title V permits under the Clean Air Act. This decision provides welcome clarity for Title V permit holders, who can now place a more singular focus on mitigating harm during emergency response situations.

DOE Previews $1 Billion in Forthcoming Funding Opportunities for Critical Minerals Projects and Technologies
09.19.2025

In recent weeks, the Department of Energy (DOE) released four notices of intent to issue notices of funding opportunities (NOFOs) in the coming months, along with other policy announcements aimed at advancing the Trump administration’s efforts to secure the critical minerals supply chain. A NOFO is how a federal agency announces available funding, such as competitive grants or cooperative agreements, by outlining program goals, eligibility and deadlines. Collectively, these forthcoming NOFOs could provide approximately $1 billion to support projects and technologies across various stages of the critical minerals value chain.

USGS Seeks Comment on 2025 Critical Minerals List to Guide U.S. Mineral Supply Chain Policy
09.19.2025

On August 26, 2025, the U.S. Geological Survey (USGS) released for comment the 2025 draft List of Critical Minerals, which includes 54 mineral commodities proposed for inclusion. The list is intended to inform U.S. government policies, strategies, and tools to secure critical mineral supply chains (the Critical Minerals List). Comments are due September 25, 2025.

Bankruptcy Court Dismisses Case Manufactured to Cap Lease Damages
09.18.2025

In the midst of a liquidity crisis, National Resilience determined that it had only two choices to successfully restructure—file the entire enterprise for chapter 11 or shed non-operational and/or underutilized facilities. It chose the latter. Accordingly, Bedmar LLC was formed in June 2025 through a divisional merger under the Delaware LLC Act and allocated burdensome leasehold interests and approximately $41.4 million in cash and receivables. The cash was estimated to exceed ~$33 million in capped lease-rejection claims under Bankruptcy Code § 502(b)(6). (See our previous client alert for a discussion of how this section caps landlord damage claims in bankruptcy cases.) The entity had no employees, no revenue, no creditors other than the landlords and no operational purpose other than to pursue a bankruptcy filing.

At Long Last, the Department of Defense Issues the Highly Anticipated CMMC Final DFARS Rule
09.15.2025

After years of anticipation, the Department of Defense (DoD) has published the final Cybersecurity Maturity Model Certification (CMMC) to the Defense Federal Acquisition Regulation Supplement (DFARS) rule (the Final DFARS Rule). This rule revises the DFARS to implement the CMMC program in solicitations and contracts. As discussed in our prior alert, this rule follows the passage of the October 15, 2024, final rule establishing the requirements of the CMMC program (the Final Program Rule) and setting forth a three-year phased roll out period. The Final DFARS Rule will go into effect on November 10, 2025, kicking off this roll-out period.

Federal Court Vacates Education Department’s Dear Colleague Letter on DEI: What Schools, Colleges, and Contractors Need to Know
09.10.2025

Last month, in American Federation of Teachers (AFT) v. U.S. Department of Education, a Maryland federal district court struck down ED’s recent efforts to curb DEI initiatives in education, vacating both the February 14, 2025, Dear Colleague Letter (DCL) and the April 3, 2025, Certification Requirement (the “Certification Requirement”). Judge Stephanie Gallagher of the U.S. District Court for the District of Maryland ruled that both the DCL and the Certification Requirement violated the Administrative Procedure Act (APA) and raised serious constitutional and procedural concerns. As a result, as of the date of this alert, both are now legally void and unenforceable across the nation. However, it is likely that the government will appeal the decision and seek a stay of the vacatur.

Fractal Logic: New IRS PLR Provides Tax Guidance for Private Credit Transactions
09.08.2025

Fractal systems create repetitive geometric patterns at progressively minute layers. The geometry becomes clear through random immersion into arbitrary small scales. On September 5, 2025, the U.S. Internal Revenue Service (IRS) released a private letter ruling (PLR) addressing U.S. trade or business considerations for private lending transactions being undertaken by a supra-national organization (likely the United Nations). Accordingly, the PLR has been issued to a “super tax exempt.” Nonetheless, a fractal logic immersion into the PLR provides valuable insight on how to provide exposure to U.S. private credit loans to non-U.S. investors and U.S. funds with non-U.S. partners without triggering U.S. tax exposure.

SEC and CFTC Chairs’ Joint Statement Raises Prospect of Competitive Onshoring of Perpetual Derivatives
09.08.2025

The Chairs of the SEC and CFTC issued a Joint Statement on September 5, 2025 (Joint Statement), announcing a new era of cooperation, including the possibility of using “innovation exemptions” to bring perpetual contracts (perps) and other leveraged cryptocurrency products into U.S. markets. The Joint Statement builds upon—and meaningfully expands beyond—the joint statement of the SEC and CFTC staffs issued a few days earlier by moving from a restatement of current law to a policy-level invitation to explore exemptions, harmonized frameworks and cross-agency approaches to make perp-like products tradable on U.S. markets.

California Updates Tax Regulations on Technology Transfer Agreements
09.04.2025

The California Department of Tax & Fee Administration (Department) held an interested parties meeting on July 24, 2025, to discuss proposed amendments to Sales and Use Tax Regulations 1502, Computers, Programs, and Data Processing, and 1507, Technology Transfer Agreements (TTA), and new Regulation 1507.1, Software Technology Transfer Agreements on July 24, 2025. The Department also issued a Discussion Paper containing the details. An overview of some of the proposals is presented below.

Court Declines to Halt Climate Disclosure Laws as CARB Pursues Delayed Rulemaking
08.28.2025

California’s landmark climate disclosure laws—SB 253, the Climate Corporate Data Accountability Act, and SB 261, the Climate-Related Financial Risk Act—are moving toward enforcement, with SB 261 requiring risk reporting by January 1, 2026. On August 13, 2025, the U.S. District Court for the Central District of California declined an industry request to put the statutes on hold. That ruling leaves the laws in force while the plaintiffs’ remaining First Amendment challenge proceeds. The plaintiffs quickly appealed the ruling to the Ninth Circuit and moved for an injunction in the district court to bar enforcement of SB 253 and SB 261 during the appeal. A hearing on that motion is scheduled for September 15, 2025. In the meantime, regulated companies must continue to prepare for the quickly approaching first reporting deadlines with no regulatory guidance to date and amid continued legal uncertainty.

FAR Council Increases Acquisition-Related Thresholds for Inflation
08.28.2025

Section 1908 of Title 41 of the United States Code requires that statutory acquisition-related thresholds be adjusted for inflation every five years, using the Consumer Price Index for All Urban Consumers (CPI). The statute excludes certain thresholds such as those under the Davis-Bacon Act, Service Contract Labor Standards, performance and payment bonds, and trade agreements. On August 27, 2025, the FAR Council—comprising the Office of Federal Procurement Policy, the Department of Defense (DoD), the General Services Administration, and the National Aeronautics and Space Administration (NASA)—issued a final rule that adjusted numerous acquisition-related thresholds for inflation as follows:

Clearing Space for Launch: Trump 2.0 Proposes Regulatory Overhaul to Enhance American Leadership in Space by 2030
08.28.2025

The first Trump administration galvanized significant and sustainable transformation of the U.S. space industry, including the reconstitution of the National Space Council, the creation of the U.S. Space Force, the formation of the Artemis Accords, and substantial regulatory reform aimed at the licensing of launch vehicles, Earth observation satellites, and next-generation broadband constellations, among others. On August 13, 2025, the second Trump administration released an ambitious Executive Order (EO), Enabling Competition in the Commercial Space Industry, to further build on the off-worldly successes of President Trump’s first term.

Following Investigation of Copper Imports, Trump Administration Takes Actions Targeting Imports and Domestic Sales
08.25.2025

On July 30, 2025, President Trump issued Proclamation 10962 following the investigation by the Department of Commerce (Commerce) under Section 232 of the Trade Expansion Act of 1962 of imports of copper in all forms and derivative products. President Trump concurred with the Secretary of Commerce’s finding that U.S. reliance on copper imports threatens to impair national security, ordering tariffs to be imposed. In addition, in a novel use of industrial policy authorities, the President ordered certain domestic sales requirements under the allocations authority of the Defense Production Act (DPA) with the goal of preserving feedstock for domestic copper producers.