Welcome to Pillsbury’s Regulatory Playbook, where you’ll find news and insights on the regulatory trends that are driving markets and shaping businesses. Here, Pillsbury’s market-leading regulatory group illuminates critical developments at the intersection of law and policy. If you need to know what’s happening, why it’s happening and how to respond, consult the Playbook.
Trending Issues
U.S. Bankruptcy Court Enforces New Fortress Energy’s UK Restructuring Plans, but Warns Against Abusive “COMI Tourism”07.16.2026
On July 14, 2026, Chief Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern District of New York issued a memorandum opinion in In re NFE Global Holdings Limited, et al., Case No. 26-11268 (MG), recognizing two English Part 26A restructuring plan proceedings as foreign main proceedings under chapter 15 of the Bankruptcy Code and giving full force and effect in the United States to the English court’s sanction order and restructuring plans, including the plan releases.
The Department of Defense Abruptly Suspends Implementation of CMMC Phase II
07.15.2026
On July 13, 2026, the Department of Defense (DoD) announced that it was immediately suspending the roll out of Phase II of the Cybersecurity Maturity Model Certification (CMMC) program, set to go into effect on November 10, 2026. As we have previously reported here and here, Phase II of CMMC would have involved the roll-out of CMMC Level 2 Assessments conducted by Certified Third-Party Assessment Organizations (C3PAOs). Although DoD has suspended these third-party certification requirements, it has not suspended the enforcement of the underlying cybersecurity control requirements in contracts and subcontracts.
NRC Proposes First Major Revisions to Its Radiation Protection Framework in 35 Years
07.15.2026
On July 1, 2026, the U.S. Nuclear Regulatory Commission (NRC) published a proposed rulemaking that, if implemented, would significantly revise the agency’s radiation protection framework. The proposed rulemaking is available here. Public comments are due on the proposed rule on August 31, 2026.
From Chips to Checkout: FCC to Close Another Equipment Authorization “Loophole” and Expand E-Commerce Platform Obligations
07.13.2026
The Federal Communications Commission (FCC) kicked off America’s 250th with a burst of national security-related items released prior to the July Fourth holiday, including a draft Third Report and Order and Third Further Notice of Proposed Rulemaking (the Order and the Further Notice, respectively) that builds on the agency’s ongoing efforts to expand the reach of its equipment authorization and Covered List rules. Up for consideration at the FCC’s July 22 open meeting, the Order as currently drafted would (1) close what the FCC refers to as the “component part loophole” to its Covered List rules; (2) require online marketplaces to display the FCC ID and compliance information statements at the point of sale; (3) require full certification for any modification or permissive change made by an entity identified on the Covered List; and (4) adopt a definition of “critical infrastructure” as used in the Covered List context.
Another Tool in the Chapter 15 Toolbox: Reverse Vesting Transactions
07.13.2026
In domestic and foreign insolvency proceedings, the ability to sell assets is often critical for debtors to fund creditor recoveries. Debtors, however, may possess inalienable assets, such as licenses or permits, which impact their ability to unlock value unless the required consents to transfer are obtained. For example, the U.S. Bankruptcy Code contains several provisions that restrict the ability of chapter 11 debtors to assume and assign certain types of contracts and licenses, which may delay or prevent asset sales.
Across Two Rulemakings, the NRC Proposes to Modernize, Streamline and Risk Inform Its Fitness-for-Duty Requirements
07.09.2026
Introduction
On June 26, 2026, the Nuclear Regulatory Commission (NRC) published a proposed rulemaking, Modernizing Security Requirements, that includes revisions to the existing 10 C.F.R. Part 26 FFD framework. The proposed rule would modernize the Part 26 FFD framework by incorporating new technologies, reducing selected administrative burdens and aligning regulatory requirements more closely with potential radiological risk.
07.07.2026
Regulations implementing California’s Plastic Pollution Prevention and Packaging Producer Responsibility Act (SB 54), which became effective as of May 1, 2026, face uncertainty as legal challenges roll in from states, industry groups and environmental public interest organizations. SB 54, enacted in 2022, establishes one of the nation’s most comprehensive packaging extended producer responsibility (EPR) programs.
Pressure Mounts to Let Jones Act Waiver Expire
07.06.2026
The Merchant Marine Act of 1920, commonly known as the Jones Act, requires that goods transported between two points in the United States be carried on vessels that are U.S.-built, U.S.-flagged, U.S.-owned and U.S.-crewed. The law has long served as a cornerstone of U.S. maritime policy by supporting the domestic shipbuilding industry, maintaining a U.S. merchant marine and advancing national security objectives.
World Cup Arrives in the United States: Navigating Anti-Corruption, Ethics and Political Influence Risks
07.02.2026
The 2026 FIFA World Cup is in full swing, bringing spectators from around the world to the United States, Canada and Mexico. Running from June 11 through July 19, the five-and-a-half-week tournament features matches across 16 premier North American host cities. Inevitably, government officials will be among the attendees—in some cases hosted by corporate or personal contacts. As organizations and individuals plan or participate in tickets, entertainment and hospitality, it will be important to do so with an understanding that the tournament presents a heightened set of legal and ethics risks.
Arbitration in Saudi Arabia: What the SCCA’s 2026 Country Report Reveals to Practitioners
07.01.2026
A new Country Report prepared by the Saudi Center for Commercial Arbitration (the SCCA) offers one of the most comprehensive assessments of Saudi Arabia’s arbitration framework to date. The Report, which will form part of the upcoming edition of the UNCITRAL Digest of Case Law on the Model Law on International Commercial Arbitration, is significant both for the scale of the case law it analyses and for its article-by-article comparison of the UNCITRAL Model Law (the Model Law) against the 2012 Saudi Arbitration Law (the Arbitration Law) and the 2025 Draft Saudi Arbitration Law (the Draft Law). The Draft Law was published for public consultation on September 24, 2025, and the consultation period closed on October 24, 2025. We previously reported that the enactment of the Saudi Civil Transactions Law (the CTL), by which the codifying of many Sharia principles into a unified legal framework expressed largely in accordance with international norms, enhances commercial predictability and is intended to allay the concerns of foreign investors unfamiliar with uncodified Sharia jurisprudence. The CTL provides a comprehensive statutory basis for key contractual principles governing contractual issues that commonly arise in commercial disputes, including arbitrations where the governing law selected is that of Saudi Arabia. The development of the Saudi arbitration framework to bring it even further into line with international arbitration practice is the next step aimed at increasing investor and commercial party confidence in the Saudi legal system.