Regulatory Playbook

Trending Issues

EPA Proposes Major Changes to PFAS Drinking Water Rule
05.29.2026

The U.S. Environmental Protection Agency (EPA) has proposed major amendments to the 2024 National Primary Drinking Water Regulations (NPDWR) for per- and polyfluoroalkyl substances (PFAS) in the form of two proposed rules published on May 20, 2026. The proposals would extend compliance deadlines while preserving enforceable limits for two PFAS compounds, PFOA and PFOS, and rescind drinking water standards for four additional PFAS compounds.

SEC Proposes Sweeping Registered Offering and Public Company Reporting Reforms: Key Takeaways and Practical Considerations
05.28.2026

On May 19, 2026, the U.S. Securities and Exchange Commission (SEC) issued proposed rule and form amendments that, taken together, would significantly recalibrate how public companies access the public capital markets and comply with ongoing reporting obligations. The registered offering proposal is intended to facilitate capital formation in the public capital markets through expanded access to Form S-3, shelf offering eligibility, offering communication and other offering-related flexibilities for eligible issuers, and through the preemption of state securities or “blue sky” registration and qualification requirements for all registered offerings. The reporting proposal is intended to simplify the filer status framework and reduce compliance burdens by expanding scaled disclosure and other accommodations currently available to smaller reporting companies (SRCs) and emerging growth companies (EGCs) to most reporting companies. The SEC expressly recognized that the combined effect of the proposals could make registered offerings less costly for affected issuers and could further increase incentives for companies to go public or remain public.

GAO Holds Commerce’s Non-Enforcement of the AI Diffusion Rule Is a “Rule” Subject to the Congressional Review Act
05.28.2026

On May 12, 2026, the Government Accountability Office (GAO) issued a decision concluding that the Department of Commerce’s May 2025 press release announcing the non-enforcement of the Biden-era Artificial Intelligence Diffusion Rule (the “AI Diffusion Rule”) is itself a “rule” for purposes of the Congressional Review Act (CRA), and therefore the CRA requires federal agencies to submit new rules to both houses of Congress and the Comptroller General of the GAO before the rules can take effect. Congress has the ability to pass a joint resolution of disapproval that, if signed by the President (or enacted over a veto), nullifies the rule and bars the agency from issuing one in “substantially the same form” in the future.

SEC Continues to Pursue Whistleblower Agenda
05.28.2026

On the eve of Memorial Day Weekend, the Securities and Exchange Commission (SEC) announced charges against Foot Locker for violating the Commission’s Whistleblower Protection Rule (Exchange Act Rule 21F-17(a)). The settled enforcement action, which included a $148,000 civil monetary penalty, resulted from Foot Locker improperly requiring departing employees to waive their rights to collect whistleblower awards from the SEC. This matter is notable because the Commission authorized this enforcement action even in the absence of apparent fraud or investor harm, and notwithstanding the company’s remedial measures and cooperation.

QSBS Stacking and Potential Treasury Guidance: Why Good Planning Withstands Scrutiny
05.28.2026

Qualified Small Business Stock, or QSBS, remains one of the most valuable tax incentives available to founders, early employees and startup investors. Under Section 1202, eligible taxpayers may exclude a significant amount of gain from the sale of QSBS. Recent commentary, however, has focused on whether Treasury and the IRS may soon issue guidance addressing “stacking” through multiple trusts.

Indefiniteness Affirmed: Patent Claims and the Danger of “About”
05.22.2026

In a recent precedential opinion, the Federal Circuit affirmed a ruling that patent claims directed to poultry treatment methods were invalid as indefinite because the term “about” failed to inform skilled artisans of the claimed pH range with reasonable certainty. Enviro Tech Chem. Servs., Inc. v. Safe Foods Corp., No. 2024-2160 (Fed. Cir. May 4, 2026).

SEC Proposes Optional Semiannual Reporting for Public Companies: Key Takeaways and Practical Considerations
05.19.2026

On May 5, 2026, the U.S. Securities and Exchange Commission (the “SEC” or the “Commission”) issued a proposed rule and related form amendments that would permit public companies to elect to file semiannual interim reports on a new Form 10-S in lieu of quarterly reports on Form 10-Q. If adopted, the proposal would represent a significant shift in the U.S. periodic reporting framework—one that has required quarterly interim reporting for more than half a century. The election would be available to all reporting companies regardless of filer status, revenues, or market capitalization, and would be made via a checkbox on the company’s Form 10-K. The comment period ends 60 days after publication in the Federal Register.

Widening FOCI: DOD Issues Proposed Rule Expanding FOCI Review and Mitigation to Unclassified Prime and Subcontracts
05.15.2026

On May 7, 2026, the Department of Defense/War (DOD) issued a proposed rule, “Defense Federal Acquisition Regulation Supplement: Mitigating Risks Related to Foreign Ownership, Control, or Influence” (“Proposed Rule”), to implement Section 847 of the National Defense Authorization Act (NDAA) for FY 2020 (Section 847) to mitigate risks related to beneficial ownership or foreign ownership, control or influence (FOCI).

Venezuela Reopens to Foreign Investment: Legal Reforms and Emerging International Dispute Risks
05.15.2026

Venezuela’s investment climate has historically been shaped by policies emphasizing state control over strategic natural resources, including nationalizations and regulatory intervention in the hydrocarbons and mining industries. This approach was prominently reflected in the hydrocarbons sector through the 2006 Hydrocarbons Law, which required foreign investors to restructure holdings into state-controlled joint ventures and accept higher tax and royalty burdens. These measures reduced operational control and altered economic expectations, leading to a series of high-profile disputes, including Venezuela Holdings (Exxon) and others v. Venezuela and ConocoPhillips v. Venezuela. Similar measures in the mining sector altered ownership structures and regulatory conditions, giving rise to significant arbitration claims, including Rusoro Mining LTD v. Venezuela and Crystallex International v. Venezuela.

FCC Expands Software Waiver for Covered Foreign-Produced UAS and Routers
05.13.2026

The Federal Communication Commission’s (FCC) Office of Engineering and Technology (OET) issued a Public Notice on May 8, 2026, that expands and extends the scope of a pair of prior-issued limited waivers allowing updates and patches to certain equipment included on the FCC’s Covered List.

White House Directs Accelerated Development of U.S. Space Nuclear Power Systems
05.12.2026

The White House Office of Science and Technology Policy (OSTP) released National Science and Technology Memorandum 3 (NSTM-3), a policy directive that addresses executive branch agency implementation of Executive Order 14369 (EO) and related White House priorities using their existing authorities and programs. NSTM-3 calls for the establishment of the National Initiative for American Space Nuclear Power (Initiative) and provides guidance to federal agencies pursuing the accelerated deployment of space nuclear power systems. The Initiative is designed to ensure American leadership in developing and deploying space nuclear power through cost-effective partnerships with commercial operators to meet the Administration’s near-term goals: safe deployment of in-orbit reactors as early as 2028 and lunar surface reactors by 2030.

Revisiting the Need for Antitrust Collaboration Guidelines and Guidance
05.11.2026

The two federal antitrust enforcement agencies—Antitrust Division in the Department of Justice (DOJ) and Federal Trade Commission (FTC)—have initiated a joint inquiry that could lead to updated antitrust guidance, and influence future enforcement, relating to collaborations among competitors. The initiative comes at a time of heightened uncertainty following the withdrawal of long-standing guidance at the end of 2024. As the Antitrust Agencies consider whether and how to reestablish a framework in this area, the inquiry presents both a significant development for businesses and a timely opportunity for stakeholders to help shape the standards that may govern such collaborations going forward.

New York DFS Fines Delta Dental $2.25 Million for Cybersecurity Rule Violations
05.08.2026

On April 30, 2026, the New York State Department of Financial Services (DFS) announced a $2.25 million cybersecurity settlement with Delta Dental Insurance Company (DDIC) and Delta Dental of New York, Inc. (DDNY) (collectively, the Companies), resolving allegations that the Companies violated NYDFS’s Cybersecurity Regulation (23 NYCRR Part 500) in connection with the MOVEit Transfer zero‑day vulnerability.

NRC Proposes Part 57 Framework for Microreactor Licensing
05.05.2026

On May 1, 2026, the Nuclear Regulatory Commission (NRC) published a proposed rule to establish a new licensing framework under 10 C.F.R. Part 57 for microreactors and other low-consequence reactor designs. The rule is a significant development for the microreactor industry, aimed at enabling faster licensing timelines and repeatable, standardized deployment models, including factory-built microreactors at multiple sites.

Saudi Arabia Opens Main Market Access to All Foreign Investors While Retaining Key Ownership Controls
05.04.2026

Saudi Arabia’s Capital Market Authority (CMA) has taken a significant step in liberalizing the Kingdom’s capital markets. Pursuant to amendments announced on January 6, 2026, and effective February 1, 2026, the CMA has eliminated the Qualified Foreign Investor (QFI) regime and opened access to the Main Market of the Saudi Exchange (“Tadawul”) to all categories of foreign investors.

DOJ Launches West Coast Health Care Fraud Strike Force
05.04.2026

On April 30, 2026, the U.S. Department of Justice (DOJ) announced the formation of the West Coast Health Care Fraud Strike Force, a multidistrict enforcement initiative covering Arizona, Nevada and Northern California. The Strike Force unites the DOJ Fraud Division’s Health Care Fraud Section with U.S. Attorneys’ Offices in three West Coast districts, working with the FBI, U.S. Department of Health and Human Services, Office of Inspector General (HHS‑OIG), Drug Enforcement Agency (DEA) and other federal partners. On April 7, 2026, DOJ announced the creation of the new Fraud Division.

U.S. Department of Labor Proposes Joint Employer Rule Changes
04.30.2026

When a joint employment relationship exists, both employers can be jointly and severally liable for compliance, including payment of all wages, overtime premiums, damages and other relief owed to employees. Accordingly, determining joint employer status can be critical to assessing liability.

President Issues Defense Production Act Determinations Targeting U.S. Energy Sector
04.29.2026

This update summarizes recent Presidential Determinations issued under Title III of the Defense Production Act (DPA), which is intended to expand U.S. industrial capacity. These actions authorize the U.S. Department of Energy (DOE) to provide financial support and incentives for specified energy-related sectors, including grid infrastructure, large-scale energy projects, petroleum, coal and natural gas. We outline below the scope of these determinations and key considerations for industry.

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.