Regulatory Playbook

Trending Issues

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.

California Court Tentatively Rejects “True Lender” Claim in Bank-Fintech Partnership Dispute
03.23.2026

On February 24, 2026, the Los Angeles County Superior Court issued a tentative decision granting summary judgment to the fintech Opportunity Financial LLC (OppFi) in its litigation with the California Department of Financial Protection and Innovation (DFPI). The court rejected DFPI’s arguments that OppFi’s lending program with FinWise Bank should be treated as an unlawful “rent-a-bank” arrangement meant to evade California’s interest rate caps.

California Moves to Tighten PAGA Oversight
03.19.2026

The Private Attorneys General Act (PAGA) allows an “aggrieved employee” to pursue civil penalties on behalf of the State of California for alleged Labor Code violations. In 2024, amendments to PAGA expanded administrative cure procedures, limited standing to violations personally suffered by the named plaintiff and increased agency oversight of PAGA litigation. On February 6, 2026, the California Labor and Workforce Development Agency (LWDA) issued proposed regulations concerning the interpretation of the PAGA. If adopted, these would be the first regulations in PAGA’s 20-year history, formally detailing how employers and employees must comply with both the original 2004 statute and the amendments enacted in 2024.

New California AI Laws Are Here: Is Your Business Ready?
03.18.2026

Effective January 1, 2026, many of California’s newly enacted artificial intelligence (AI) regulations took effect. The more than 20 new AI laws signed by Governor Gavin Newsom regulate AI, data privacy, automated decision systems and generative AI across diverse sectors that include employment, health care, education, social media, among other sectors.

AI and Privilege: Lessons from U.S. v. Heppner and the Emerging UK Position
03.18.2026

Courts in both the UK and the U.S. are increasingly encountering the implications of generative AI outputs in litigation, which raises a foundational question: When does an AI generated communication attract legal privilege, and when is it exposed to disclosure?

Key Questions Remain Under DOJ’s New Department-Wide Corporate Enforcement Policy
03.17.2026

On March 10, 2026, the U.S. Department of Justice (DOJ) announced its first-ever department-wide Corporate Enforcement Policy (CEP), describing the policy as “promoting uniformity, predictability, and fairness” in its resolution of white-collar cases. With one exception, for antitrust offenses, the new CEP applies to all criminal cases involving organizations and supersedes all component-specific or U.S. Attorney’s Office-specific corporate enforcement policies previously in effect.

Conflict Premium: Insurance and Supply Chains During the Iran War (Part 4)
03.13.2026

War-risk losses are rarely “mysteries.” They’re usually fights about ordinary words— “detainment,” “loss,” “costs,” “restraint,” “constructive total loss”—and about which section of a program pays when war is in the causal chain.

FERC Moves to Streamline Hydropower Environmental Reviews
03.13.2026

On February 19, 2026, the Federal Energy Regulatory Commission (FERC) issued two orders intended to streamline environmental reviews for certain actions related to hydropower facilities.

DEI Compliance Remains an Active Concern
03.13.2026

In Students for Fair Admissions v. Harvard (SFFA), the Supreme Court held that the use of race-conscious decision-making in admissions violated federal law. The complex and often opaque nature of the admissions process, however, has made it difficult to determine whether schools were complying with SFFA’s mandate. In August 2025, the White House issued a memorandum directing the Secretary of Education to expand the scope of data schools are required to report to the Department of Education (ED) to provide greater transparency into admissions for the purpose of “exposing unlawful practices and ultimately ridding society of shameful, dangerous racial hierarchies.”

Conflict Premium: Insurance and Supply Chains During the Iran War (Part 3)
03.13.2026

Some losses don’t look like “property damage” at all. They look like government action, loss of control, blocked payments or a legal inability to perform. That’s where political risk insurance (PRI)/political violence wording—and sanctions clauses—do the heavy lifting.

NRC Proposed Rule Seeks to Streamline and Accelerate Adjudicatory Proceedings
03.12.2026

On March 3, 2026, the U.S. Nuclear Regulatory Commission (NRC) published a proposed rule, Streamlining Contested Adjudications in Licensing Proceedings, which proposes to revise its Rules of Practice in 10 C.F.R. Part 2 to increase efficiency and accelerate licensing adjudications in response to the requirements of the Accelerating Deployment of Versatile, Advanced Nuclear for Clean Energy Act of 2024 (ADVANCE Act) and Executive Order 14300, Ordering the Reform of the Nuclear Regulatory Commission (EO 14300).

CARB Approves Proposed Climate Disclosure Regulations
03.12.2026

On February 26, 2026, the California Air Resources Board (CARB) approved its initial implementing regulations for California’s corporate climate disclosure laws, the Climate Corporate Data Accountability Act (SB 253) and the Climate-Related Financial Risk Act (SB 261), during a public hearing. As we have discussed previously on this topic, the adopted regulations proposed on December 9, 2025 are narrow in scope and address only a limited set of threshold compliance issues. The approved regulations define key terms, establish the program fee structures, explain fee enforcement and set initial reporting timelines. A broader rulemaking addressing Scope 3 greenhouse gas (GHG) emissions, assurance requirements and ongoing reporting mechanics will follow later in 2026.

Conflict Premium: Insurance and Supply Chains During the Iran War (Part 2)
03.11.2026

In the first installment of this series, we focused on the operational side of the Iran war: chokepoints, reroutes, airspace constraints and the pricing ripple effects. Here’s the insurance translation: Before you can measure the loss, you need to classify it.

Conflict Premium: Insurance and Supply Chains During the Iran War (Part 1)
03.11.2026

Modern supply chains are engineered for efficiency—until the map changes. The current conflict involving Iran and the wider Middle East is a real‑time reminder that a single regional shock can cascade through shipping schedules, commodity pricing, aviation routes and contract performance.

Treasury and IRS Issue Proposed Regulations Under IRC Section 45Z Clean Fuel Production Credit
03.06.2026

Recently, the U.S. Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) released long-awaited proposed regulations (the Proposed Regulations) under Section 45Z of the Internal Revenue Code of 1986, as amended (IRC), providing comprehensive guidance on the clean fuel production credit (CFPC) enacted by the Inflation Reduction Act of 2022 and amended by the One, Big, Beautiful Bill Act of 2025 (OBBBA). The Proposed Regulations largely follow the approach taken in last year’s draft form of proposed regulations (Draft Regulations) that was included as part of IRS Notice 2025-10. As discussed below, however, the Proposed Regulations include several significant modifications from the Draft Regulations in response to comments submitted to Treasury and amendments to IRC Section 45Z made by the OBBBA.

The Pendulum Swings Back: DOL Proposes to Restore 2021 Independent Contractor Framework
03.03.2026

The Department of Labor (DOL) proposal marks the latest shift in a continuing cross-administration debate over how workers should be classified under federal law. In January 2021, at the end of the first Trump administration, the DOL adopted a rule that emphasized two “core” factors in the economic reality analysis—control over the work and opportunity for profit or loss. That rule sought to provide greater predictability by giving those factors more weight than the remaining considerations.

Robust Sourcing for Private Equity Acquisitions Five Key Considerations for Stand Up, Transition and Cost Optimization
03.04.2026

Private equity (PE) firms increasingly recognize that value creation depends on disciplined procurement of business services, particularly technology, in addition to financial engineering and operational optimization. Whether establishing a standalone services environment, especially in the case of a carveout, replacing services provided under a transition services agreement (TSA), optimizing costs after deal closing, or reaping synergies presented by an acquisition, PE firms aim to “get it right once.” Engaging a robust sourcing team comprising specialized attorneys and experienced sourcing experts is essential to mitigate risk, control costs and enhance the enterprise value.

Office of the Comptroller of the Currency Proposes GENIUS Act Implementing Rules for Payment Stablecoins
03.03.2026

On February 25, 2026, the Office of the Comptroller of the Currency (OCC) issued a Notice of Proposed Rulemaking proposing regulations to implement the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) for the issuance of payment stablecoins and certain related activities by entities subject to OCC jurisdiction.

NRC Issues Proposed Rule Establishing Licensing Framework for Fusion Machines
03.03.2026

In late February 2026, the NRC issued a proposed rule titled Regulatory Framework for Fusion Machines, which regulates the possession, use and production of byproduct material associated with fusion machines under Part 30 rather than under the reactor licensing framework applicable to fission facilities. The proposal amends provisions across Parts 20, 30, 37, 50, 72, 110, 150, 170 and 171 to integrate fusion machines into the byproduct material structure.

The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026: Greater Compliance, Broader Application and the Road to FCA Authorization
03.02.2026

Following Parliament’s approval, on February 4, 2026, the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 were published, with most provisions expected to apply from October 2027.