Regulatory Playbook

Trending Issues

NRC Issues Direct Final Rule Implementing ADVANCE Act FOCD Exceptions
04.24.2026

On April 23, 2026, the U.S. Nuclear Regulatory Commission (NRC) issued a direct final rule establishing a new pathway for direct foreign majority ownership of U.S. nuclear utilization facilities (nuclear power plants and research reactors) and implementing Section 301 of the Accelerating Deployment of Versatile, Advanced Nuclear for Clean Energy (ADVANCE) Act of 2024. The rule amends the NRC’s regulations governing foreign ownership, control or domination (FOCD) to allow certain foreign investors associated with OECD countries and India to own potentially up to 100% of licensed nuclear power facilities, subject to NRC approval.

Mind the Gap: FCC Moves to Close Covered List Loophole
04.23.2026

The Federal Communications Commission’s (FCC) Public Safety and Homeland Security Bureau (PSHSB) and Office of Engineering and Technology (OET) have released a Public Notice seeking comment on whether the agency should take steps to prohibit the continued importation and marketing of certain communications equipment that, while previously-authorized, has subsequently been found to pose an unacceptable risk to U.S. national security. The proceeding looks to begin adopting procedures to resolve a longstanding and acknowledged gap in Covered List regulations.

New Mexico Rolls Out Comprehensive PFAS Regulations, Novel Product Labeling Requirements
04.22.2026

New Mexico has emerged as a leader in regulating per- and polyfluoroalkyl substances (PFAS), with its comprehensive statutory framework, the PFAS Protection Act of 2025, to be implemented by regulations that will be finalized in the coming weeks. Most notably, New Mexico adopted a first-of-its-kind product labeling regime. Companies manufacturing, distributing or selling consumer products in New Mexico should prepare for reporting and labeling obligations starting on January 1, 2027, followed by phased product roll-backs through 2032.

DOE Announces “Critical Minerals and Materials Accelerator” Funding Opportunity
04.21.2026

On April 7, 2026, the U.S. Department of Energy (DOE)’s Office of Critical Minerals and Energy Innovation (CMEI), in partnership with the Office of Geothermal, announced an up to $69 million “Critical Minerals and Materials Accelerator” Notice of Funding Opportunity (NOFO). The notice is intended to support the maturation of innovative processing technologies through providing funding to prototype and pilot technologies in areas of interest, which focus on the semiconductor and energy industries.

Minnesota Extends Initial PFAS Reporting Deadline to September 15, 2026
04.20.2026

State regulation of per- and polyfluoroalkyl substances (PFAS) continues to accelerate in 2026, with Minnesota and Maine leading the charge. As PFAS regulation from the federal government has slowed, states have driven a complex and rapidly evolving compliance landscape that affects manufacturers and retailers across industries. Regulated entities must brace themselves for initial reporting deadlines, with Minnesota’s first compliance deadline looming on September 15, 2026.

White House Task Force Redirects Resources to Newly Established National Fraud Enforcement Division
04.16.2026

On March 16, 2026, President Trump issued an Executive Order establishing the White House “Task Force to Eliminate Fraud” (Task Force), an interagency body charged with coordinating a government-wide strategy to combat “fraud, waste, and abuse” in federal benefit programs. The Executive Order (EO) is the latest step in a broader 2026 anti-fraud initiative that began in January with the announcement of a new U.S. Department of Justice (DOJ) National Fraud Enforcement Division. It continued with the Senate’s March 24 confirmation of Colin McDonald, a federal prosecutor, to lead the division, and with Vice President JD Vance convening the Task Force’s first meeting on March 27. That effort took another significant step on April 7, when DOJ directed the new Division to assume immediate control of several existing fraud-enforcement components and laid the groundwork for a broader realignment of resources across the Department.

“This Is the Beginning”: DOJ Signals Intensifying Health Care Fraud Enforcement in California
04.16.2026

Recent U.S. Department of Justice (DOJ) and California Attorney General enforcement activity sends a clear signal that California health care entities that interact with government programs—in particular the hospice and home health industries—are now under intense scrutiny. Companies in these sectors should prepare for subpoenas, Civil Investigative Demands, and searches as a result of federal and state agencies conducting independent and parallel investigations. This uptick in government enforcement is sure to spur qui tam relators and whistleblowers. Unprepared California hospice and home health companies may face significant civil, and even criminal, exposure.

SEC Staff Statement on Crypto Trading Interfaces: Key Takeaways and Implications for Market Participants
04.15.2026

On April 13, 2026, the SEC’s Division of Trading and Markets issued a staff statement (the “Statement”) addressing when certain user interfaces used to facilitate transactions in crypto asset securities may operate without registering as broker-dealers under Section 15 of the Securities Exchange Act of 1934 (“the Exchange Act”). The Statement introduces the concept of a “Covered User Interface” —a non-custodial, user-facing application such as a website, mobile app or wallet interface (or “front end”) that assists users in preparing and submitting transactions through their own self-custodial wallets. The Staff indicates that, where specified conditions are met, it “will not object” to such interfaces operating without broker-dealer registration.

FinCEN Proposed Rule on AML/CFT Program Requirements: Key Implications
04.13.2026

On April 7, 2026, the Financial Crimes Enforcement Network (FinCEN) issued a proposed rule that would revise anti-money laundering and countering the financing of terrorism (AML/CFT) program requirements under the Bank Secrecy Act (BSA) and Anti-Money Laundering Act of 2020 (AML Act), which supersedes FinCEN’s July 3, 2024 proposed rule. While the proposal codifies and standardizes aspects of existing regulatory expectations, it also reflects a broader shift toward effectiveness, risk-based compliance and expanded FinCEN oversight. If adopted, the rule would meaningfully affect how financial institutions design, maintain and defend their AML/CFT programs.

Landlords Beware: A Tenant’s Bankruptcy May Limit Your Recovery More than You Think
04.13.2026

In In re Tupperware Brand Corporation, the U.S. Bankruptcy Court for the District of Delaware recently found that, although letter of credit proceeds are not estate property, the Bankruptcy Code’s statutory cap on landlord claims may still apply and reduce the benefit the landlord receives as the beneficiary of the letter of credit. The Court thus allowed litigation seeking to recover the proceeds of a landlord’s draw on a letter of credit to proceed, despite the general rule that such draws are independent transactions.

California Assembly Bill 2321 Seeks to Deputize Prosecutors to Pursue Workplace Safety Violations
04.13.2026

Enforcement of California’s workplace safety regulations is primarily civil, with most inspections by California’s Division of Occupational Safety and Health (Cal/OSHA) resulting in the issuance of citations and civil penalties. Although it does not happen often, criminal enforcement occurs when Cal/OSHA refers matters to the Bureau of Investigations (BOI) to conduct criminal investigations and refer cases to district attorneys when appropriate. The BOI “must investigate accidents involving violations … in which there is a serious injury to five or more employees, death, or request for prosecution by a Division representative.” [8 C.C.R. section 344.51.] In short, the BOI is responsible for “investigating employee fatality and serious injury cases” and “preparing and referring cases to local and state prosecutors for criminal prosecution.” When Cal/OSHA refers an inspection to BOI, it must provide the BOI with its initial accident reports, inspection reports and any other relevant documents. [Cal. Lab. Code section 6315(b).]

NRC Part 53 Final Rule Offers More Flexibility for Different Reactor Technologies
04.13.2026

In January 2019, President Trump signed the Nuclear Energy Innovation and Modernization Act (NEIMA), which directed the Nuclear Regulatory Commission (NRC) to establish a technology-inclusive regulatory framework for optional use by commercial advanced nuclear reactor applicants for new reactor license applications. In response, the NRC recently released 10 CFR Part 53, “Risk-Informed, Technology-Inclusive Regulatory Framework for Advanced Reactors.”

NASA Announces Significant Programmatic Changes to Ignite Lunar, LEO, and Nuclear Development
04.09.2026

At a March 24, 2026 event called “Ignition,” NASA announced substantial changes to its exploration program in an effort to better align its activities with the 2020 U.S. National Space Policy over the next decade. The Ignition announcement sought to establish certainty and direction for NASA mission priorities following a turbulent year for the agency, and the space industry generally.

Asset-Based Lending in England and the U.S.: A Comparative Insight for Cross-Border Transactions
04.08.2026

Asset-based lending (ABL) is a form of lending where the amount advanced by the lender is directly linked to a percentage of the borrower’s realisable assets. That percentage (known as the borrowing base) can fluctuate over time, so the amount of credit that is available will also increase or decrease in line with the borrowing base.

SALT in the Wound: New York Imposes Shareholder-Level Tax on Corporate Asset Sale
04.08.2026

In Matter of Petosa, the New York State Division of Tax Appeals (DTA) decided to refund $184,852 of corporate taxes collected on the asset sale of a business and collect approximately $245,900 of shareholder-level taxes on the transaction instead. But to the taxpayers involved, this wasn’t just an extra $60,500 of state taxes (split among the 3 shareholders). The corporate-level taxes would have been deductible for federal income tax purposes. The salt in the wound for the taxpayers was that shareholder-level tax, unfortunately, was overwhelmingly, if not totally, nondeductible to the shareholders. Thus, on a net basis, the state tax liability increased the shareholders’ taxes by approximately 68%. The case provides a cautionary tale for sales of business interests with a New York nexus.

Colorado Packaging EPR Program Faces Legal Challenge from Lubricant Trade Association
04.07.2026

Colorado’s packaging EPR program is now the subject of a new legal challenge, after the Independent Lubricant Manufacturers Association (ILMA) filed suit in the State of Colorado’s District Court for the City and County of Denver on March 12, 2026. The lawsuit challenges the Colorado Department of Public Health and the Environment’s (CDPHE) implementation of the Colorado extended producer responsibility (EPR) law, the Producer Responsibility Program for Statewide Recycling Act (HB22-1355), passed in 2022.

Chapter 15 Relief: What Does It Take to Qualify?
04.07.2026

There is an ongoing circuit split as to whether the eligibility requirements in section 109(a) of the Bankruptcy Code apply in chapter 15 cases. Section 109(a) provides, in relevant part, that “only a person that resides or has a domicile, a place of business, or property in the United States ... may be a debtor under” the Bankruptcy Code. In turn, section 103(a) of the Bankruptcy Code makes chapter 1, which includes section 109, applicable in chapter 15 cases.

Drone in the USA: FCC Seeks Comment on New Flight Plan for UAS and C-UAS Commercialization in the United States
04.03.2026

On April 1, 2026, the Federal Communications Commission (FCC) released a Public Notice seeking comment on an expansive set of proposals aimed towards accelerating domestic drone production. Following direction from a pair of June 6, 2025, Executive Orders (EO)—EO 14307, “Unleashing American Drone Dominance,” and EO 14305, “Restoring American Airspace Sovereignty”—the FCC Public Notice offers a comprehensive recognition of the regulatory roadblocks facing the U.S. commercial unmanned aircraft systems (UAS) and counter-UAS (C-UAS) industries and solicits responses to a broad inquiry into how the FCC’s rules, policies, and coordination mechanisms can be better adapted to facilitate a competitive, secure, and domestically anchored UAS and C-UAS ecosystem.

DOE Announces New $500 Million Funding Opportunity for Advanced Battery Supply Chain Projects
04.02.2026

On March 13, 2026, the U.S. Department of Energy’s (DOE) Office of Critical Minerals and Energy Innovation (CMEI) announced a Notice of Funding Opportunity (NOFO) intended to expand U.S. critical minerals and materials processing and derivative battery manufacturing and recycling. The NOFO, which advances the Trump administration’s goals of supporting domestic production of critical minerals directed under the Executive Order titled Immediate Measures to Increase American Mineral Production (which we discuss here), is issued by the Manufacturing Deployment Office (MDO) within CMEI under Sections 40207 (b) and (c) of the Infrastructure Investment and Jobs Act and was previewed in DOE’s August 2025 Notice of Intent, which we discuss here.

California’s March 30th Emergency Contact Deadline and What Employers Must Do ASAP
04.02.2026

This emergency contact notification requirement is one provision within the broader Workplace Know Your Rights Act, a California statute that took effect on January 1, 2026. Under the emergency contact provision, an employer must notify an employee’s designated emergency contact when:
• the employee is arrested or detained at the worksite; or
• the employee is arrested or detained offsite (but during work hours or while the employee is performing job duties) and the employer has actual knowledge of the incident.

Previously Scrubbed Mission Authorization Proposal Gets a Lift from OSC
04.01.2026

On March 24, 2026, the U.S. Department of Commerce’s Office of Space Commerce (OSC) released a proposal for a new regulatory process that would provide mission authorization for novel space activities through a streamlined framework, as directed by Executive Order 14192, “Unleashing Prosperity Through Deregulation,” and Executive Order 14335, “Enabling Competition in the Commercial Space Industry.” The OSC proposal calls for the adoption of a light-touch “Space Commerce Certification” (Certification) framework that would provide clear and consistent application requirements, defined timelines for authorization decisions, and a mechanism for coordinated interagency review of novel commercial space activities.

New Executive Order Converts Anti-DEI Policy into Enforceable Federal Contract Clauses
03.30.2026

On March 26, 2026, the White House issued an Executive Order (EO) titled “Addressing DEI Discrimination by Federal Contractors.” The EO states that its purpose is to promote economy and efficiency in federal contracting by preventing racial discrimination. Although prior executive orders have referred to “illegal DEI,” that term was not defined. This new EO defines “racially discriminatory DEI activities” to mean “disparate treatment based on race or ethnicity in recruitment, employment (e.g., hiring, promotions), contracting (e.g., vendor agreements), program participation, or allocation or deployment of an entity’s resources.” The term “program participation” is further defined to mean “membership or participation in, or access or admission to: training, mentoring, or leadership development programs; educational opportunities; clubs; associations; or similar opportunities that are sponsored or established by the contractor or subcontractor.”

SEC/CFTC Issue Joint Interpretation on Crypto Assets
03.24.2026

On March 17, 2026, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) jointly issued an interpretive release addressing the classification of crypto assets and the application of federal securities laws to crypto asset transactions. In accompanying public statements, the SEC described the release as recognizing that “most crypto assets are not themselves securities,” reflecting a significant shift in emphasis toward distinguishing between the asset itself and the circumstances under which it may be offered or sold as part of an investment contract. Issued as part of the agencies’ coordination efforts under “Project Crypto,” the release is intended to provide a unified framework for analyzing when crypto assets and related activities involve the offer or sale of securities.

IRS Notice 2026-15 Provides Taxpayers with Additional Guidance on Material Assistance Under New Foreign Entity of Concern Rules
03.23.2026

The IRS has issued Notice 2026-15, providing comprehensive interim guidance on the material assistance provisions under Section 7701(a)(52) of the Internal Revenue Code (IRC). In particular, Notice 2026-15 sets forth the methodology for calculating Material Assistance Cost Ratio (MACR) applicable to the IRC Section 45Y Clean Electricity Production Credit, the IRC Section 48E Clean Electricity Investment Credit and the Section 45X Advanced Manufacturing Production Credit. Enacted as part of the One, Big, Beautiful Bill Act (OBBBA), the material assistance provisions deny credit eligibility where a qualified facility, energy storage technology (EST) or “eligible component” includes material assistance from a Prohibited Foreign Entity (PFE). Notice 2026-15 also introduces interim computational and certification safe harbors and outlines documentation and reliance standards pending the issuance of proposed regulations.