Regulatory Playbook

Trending Issues

DOJ’s First Antitrust Whistleblower Award: The New “Race to Report” and What Companies Should Do Now
02.20.2026

On January 29, 2026, the U.S. Department of Justice (DOJ) announced the first whistleblower reward payment under the Antitrust Division’s Whistleblower Rewards Program. DOJ reported that it paid $1 million to an individual whose information contributed to criminal charges and a deferred prosecution agreement (DPA) with EBLOCK Corporation, under which EBLOCK agreed to pay a $3.28 million criminal penalty. DOJ’s program guidance contemplates potentially significant awards for eligible whistleblowers, subject to eligibility requirements and DOJ discretion.

A Sea Change in California Antitrust Law? CLRC Single-Firm Proposal Raises the Stakes for Algorithmic Pricing
02.18.2026

On January 20, 2026, California Law Revision Commission (CLRC) staff circulated a draft final recommendation addressing single-firm conduct. The proposal recommends amending the Cartwright Act, California’s antitrust statute, by creating new prohibitions against single-firm conduct, which would add new Sections 16729–16731 to the Business and Professional Code. “Single-firm” (or “unilateral”) conduct simply refers to conduct that a company engages in on its own, as opposed to through agreements or coordination with other unrelated parties (i.e., other companies, associations or individuals who are not under common control). The CLRC’s recommendations do not change the law unless and until the California Legislature enacts them.

State Energy Regulatory Approaches to Powering Data Centers
02.17.2026

The rapid expansion of data centers—driven by cloud computing, artificial intelligence and hyperscale digital infrastructure—has transformed what were once localized land-use and utility ratemaking concerns into issues of statewide and federal economic and energy policy. While our recent commentary focused on an emerging federal regulatory framework to power data centers, including in pending proceedings before the Federal Energy Regulatory Commission (FERC), states are simultaneously moving to legislate, regulate, incentivize, and in some cases constrain data center development. These state-level actions are ever more consequential to the economics of data center projects, impacting everything from site selection and interconnection timelines to long-term operational risk.

The Trump Administration Launches Plurilateral Initiative and a Strategic Reserve to Secure Critical Minerals Supply Chains
02.17.2026

In recent weeks, the Trump administration has announced significant actions aimed at securing critical mineral supply chains. These actions include outcomes from the U.S. State Department’s Critical Minerals Ministerial, which include the launch of a new plurilateral initiative, Forum on Resource Geostrategic Engagement (FORGE), as well as the signing of bilateral Memoranda of Understanding (MOUs) with 11 countries and an Action Plan between the United States and Mexico. These actions also include the announcement of Project Vault, a new strategic reserve for critical minerals supported by a $10 billion loan from the Export Import Bank of the United States (EXIM) (the largest loan in EXIM’s history) as well as approximately $2 billion in private capital.

Treasury Issues Request for Information on CFIUS Known Investor Program
02.13.2026

On February 6, 2026, the U.S. Department of the Treasury (Treasury) issued a Request for Information (RFI) seeking public input on CFIUS Known Investor Program (KIP). The RFI signals Treasury’s intent to formalize and begin implementation of the KIP announced in May 2025.

Reported Draft Executive Order Signals Expanded Federal Coordination on Quantum Computing
02.12.2026

The White House is reportedly drafting an executive order (EO) focused on quantum information science and technology (QIST). The EO would establish a whole-of-government approach to strengthening the U.S. quantum ecosystem. The reported draft, titled “Ushering in the Next Frontier of Quantum Innovation,” would assign significant roles to the White House Office of Science and Technology Policy (OSTP) and multiple agencies, including the Departments of War (DoW), Commerce (DOC) and Energy (DOE), and emphasizes workforce development initiatives, increased manufacturing capacity and counterintelligence protections for quantum research.

Fourth Circuit Holds That Anti-DEI Executive Orders Are Likely Not Facially Unconstitutional
02.12.2026

On February 6, 2026, the U.S. Court of Appeals for the Fourth Circuit issued a final Order in the case NADOHE v. Trump, permanently vacating a district court’s preliminary injunction against several provisions of Executive Order (EO) 14151, “Ending Radical and Wasteful Government DEI Programs and Preferencing,” and EO 14173, “Ending Illegal Discrimination and Restoring Merit-Based Opportunity” (as discussed in a previous client alert, the Fourth Circuit temporarily stayed the injunction in March 2025). The EOs sought to deter diversity, equity, and inclusion (DEI) initiatives. The plaintiffs challenged the provisions that directed federal agencies to terminate all “equity-related” grants and contracts, to require all federal funding recipients to certify that they do not “promot[e] DEI” that violates antidiscrimination laws, and to identify targets for civil investigations into “illegal DEI.” The plaintiffs—an association of diversity officers in higher education, an association of university professors, and the City of Baltimore—argued that these provisions were facially unconstitutional under the First Amendment and Fifth Amendment. While the Fourth Circuit held that the “plain text” of the EOs alone did not provide enough of a foundation for an injunction that relied on a facial challenge, the court’s decision did not rule out future challenges to the Trump administration’s interpretation and application of the EO provisions.

New Executive Order Seeks to Limit Stock Buy Backs and Executive Compensation for Underperforming Defense Contractors (Part 2)
01.30.2026

(This is the second of two alerts examining this issue.)
In Part 1 of this client alert, we briefed the substance of President Trump’s January 7, 2025, Executive Order (EO) titled “Prioritizing the Warfighter in Defense Contracting” and provided preliminary observations. As we detailed, the EO gives broad discretion to the U.S. Secretary of War to designate underperforming contractors and directs the Secretary, within 30 days of the EO’s issuance and on an ongoing basis thereafter, to notify defense contractors of such designations. The 30-day deadline for the Secretary to designate underperforming contracts is February 6, 2026. Contractors receiving a notice of underperformance on February 6 will only have until Saturday, February 21 to submit to the Secretary a remediation plan that has the approval of their Board of Directors. While the EO directs the Secretary to allow fifteen days for contractors to submit a Board-approved remediation plan, the EO also allows the Secretary to initiate immediate action if the contractor and Secretary reach an impasse during the 15-day negotiation window. Part 1 of this Client Alert advised defense contractors to identify issues related to delivery, quality, schedule and cost of their existing defense contracts. This second part expounds upon how organizations can best prepare to react to underperformance notices from the Secretary.

Trump Administration Takes Several Trade Actions Targeting Advanced AI Semiconductors While Deferring Broader Tariff Actions on the Semiconductor Industry
01.28.2026

In recent weeks, the Trump administration has taken several actions to implement its policy toward the export of advanced AI commodities to China. These include the Department of Commerce (Commerce) Bureau of Industry’s (BIS) final rule implementing a case-by-case review policy (changed from a presumption of denial policy) of exports of certain advanced computing commodities to end users in China (including Macau), and a Proclamation following an investigation under Section 232 of the Trade Expansion Act of 1962 (Section 232) of imports of semiconductors, semiconductor manufacturing equipment and derivative products, which narrowly targets the advanced AI commodities covered by the BIS export control policy action. The Section 232 Proclamation further provides broad tariff exceptions for in-scope commodities used in domestic applications. These twin actions come on the heels of an investigation under Section 301 of the Trade Act of 1974 (Section 301) of China’s acts, policies and practices (APPs) related to targeting of the semiconductor industry for dominance in which the Administration found that the Chinese APPs were actionable under Section 301, but deferred action.

President Trump Backs Commerce Department Findings, Directs Negotiations to Secure Critical Mineral Supply Chains
01.28.2026

On January 14, 2026, President Trump signed a Proclamation following the Department of Commerce’s investigation of the effects of imports of processed critical minerals and their derivative products on U.S. national security under Section 232 of the Trade Expansion Act of 1962 (“Section 232”). As detailed in our prior client alert, President Trump initiated the investigation on April 22, 2025, with a scope that includes the now 60 minerals listed in the United States Geological Survey’s “Critical Minerals List” as well as any subsequent lists and uranium.

The Emerging Regulatory Framework to Power Data Centers
01.27.2026

The rapid growth of data centers is exposing the limits of the U.S. electricity regulatory framework that was built for incremental, predictable load growth. That framework is now under scrutiny in proceedings before the Federal Energy Regulatory Commission (FERC) that could materially reshape how large electricity consumers like data centers obtain power and connect to the grid.

Ninth Circuit Oral Argument Highlights: Challenges to California Climate Disclosure Laws (SB 253 and SB 261)
01.27.2026

On January 9, 2026, the Ninth Circuit heard oral argument in the consolidated appeals challenging California’s climate disclosure statutes, SB 253 (the Climate Corporate Data Accountability Act) and SB 261 (the Climate-Related Financial Risk Act) in Chamber of Commerce v. Sanchez No., 25-5327 (9th Cir. 2025). As we have discussed in previous alerts on this topic, California enacted two comprehensive climate disclosure laws in 2023. SB 253 and SB 261 impose greenhouse gas emissions and climate-related financial risk reporting requirements applying to thousands of public and private companies formed under U.S. law and “doing business in California.”

Congressional Investigations to Take Center Stage in 2026
01.23.2026

With a narrow Republican majority in the House, a crowded election-year calendar and the midterm elections already looming, congressional leaders are leaning heavily on oversight and investigations as their tool of choice. Passing major legislation will be difficult. Investigations, by contrast, can be fast, flexible and highly visible—and they allow lawmakers to shape policy debates, apply pressure and generate headlines without moving a bill.

New Executive Order Seeks to Limit Stock Buy Backs and Executive Compensation for Underperforming Defense Contractors
01.22.2026

On January 7, 2026, President Donald Trump issued the “Prioritizing the Warfighter in Defense Contracting” Executive Order (EO). The EO directs the U.S. Secretary of War (Secretary) to establish a process for reviewing defense contractors for critical weapons, supplies and equipment that, as determined by the Secretary, are underperforming on their contracts; have not invested sufficient capital in necessary production capacity; have not sufficiently prioritized U.S. government contracts; or maintain insufficient production speed. The EO does not provide guidance as to any specific criteria to be used in determining what constitutes underperformance, granting full discretion to the Secretary.

Early EU and UK Responses to President Trump’s Announcement of Tariffs Linked to Greenland and Potential Paths Forward
01.20.2026

On January 17, President Trump posted on social media that the United States would impose a 10% tariff effective February 1 on eight European countries (France, Germany, UK, Netherlands, Denmark, Norway, Sweden and Finland) until those countries accept his demand that the Danish Realm sell Greenland to the United States. The social media post indicated that the tariff rate would rise to 25% on June 1, 2026, if no “deal is reached for the Complete and Total Purchase of Greenland.” As of publication of this alert, the Trump administration has yet to publish any Executive Order or other formal announcement, and circumstances on the ground could change rapidly with contemporaneous political discussions over Greenland in Davos.

Revenge of the Lawn: The Fifth Circuit Supports Fund Manager Social Security Tax Planning in Sirius Solutions
01.20.2026

In Richard Brautigan’s 1971 novella Revenge of the Lawn, an ordinary, inanimate bit of outdoor space strikes back in unforeseen and disruptive ways when mistreated. (The scenes with the geese are priceless.) A powerful analogy can be drawn from this story about the revenge of little things to the mass challenges made by the Internal Revenue Service (IRS) to limited partnership (LP) structures employed by private fund managers to mitigate the impact of 3.8% social security taxes. The LP structures were popular until the 2023 Tax Court decision in Soroban Capital Partners v. Commissioner upended such planning. While a 2024 Tax Court case supported the IRS’s challenges to LP tax planning, on January 16, 2026, in Sirius Solutions, I, LLP v. Comm’r, the Fifth Circuit Court of Appeals held that these strategies work to prevent the imposition of self-employment taxes.

FCC Announces Seminal Enforcement Action for Violating Team Telecom Commitments
01.16.2026

On January 8, 2026, the U.S. Federal Communications Commission (FCC) announced the resolution of a first-of-its-kind enforcement action targeting Marlink Inc. (Marlink) for violations of its international section 214 and earth station authorizations (Authorizations), which had been conditioned on compliance with commitments and undertakings in a 2022 Letter of Agreement (LOA) with the Committee for the Assessment of Foreign Participation in the U.S. Telecommunications Service Sector (Team Telecom). Following a referral from the U.S. Department of Justice (DOJ), the FCC Enforcement Bureau uncovered a continuing failure to comply with commitments to restrict foreign employee access to U.S. customer information and communications infrastructure (U.S. Records), absent prior approval from the DOJ. The FCC and Marlink entered into a consent decree, including monetary forfeiture, compliance plan, and revision of internal controls, to resolve the violation of FCC rules.

FTC Announces HSR Threshold and Filing Fee Increases for 2026 Transactions
01.16.2026

As a result of the increase in the U.S. Gross National Product (GNP) for 2025, the Federal Trade Commission (FTC) has announced an increase in the jurisdictional filing thresholds for the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR). The minimum size of transaction threshold will increase by $7.5 million, a 5.9% increase, to $133.9 million. The thresholds determine whether parties involved in proposed mergers, consolidations, or other acquisitions of voting securities, assets, or unincorporated interests must notify the FTC and the Antitrust Division of the U.S. Department of Justice of a proposed transaction and comply with a mandatory waiting period before the transaction may be consummated. The revised thresholds will take effect on February 17, 2026. Until then, the current $126.4 million threshold is still in effect.

CEQ Finalizes Rescission of NEPA Implementing Regulations
01.16.2026

On January 8, 2026, the White House Council on Environmental Quality (CEQ) published a final rule adopting—without change—its February 25, 2025, interim final rule (IFR) rescinding all iterations of CEQ’s National Environmental Policy Act (NEPA) implementing regulations from the Code of Federal Regulations (40 C.F.R. Parts 1500–1508). The final rule, which had immediate effect, primarily (1) responds to comments submitted on the IFR and (2) reaffirms CEQ’s position that, following the rescission of Executive Order (EO) 11991 (1977), CEQ lacks authority to maintain binding, government-wide NEPA regulations applicable to other federal agencies.

New Year, New Benefits: Trump Accounts Offer a New Opportunity for Employer-Sponsored Benefits
01.14.2026

On July 4, 2025, President Trump signed into law the One, Big, Beautiful Bill Act (OBBBA), which, among many other provisions, created a new type of tax-favored account for children known as a “Trump Account.” On December 29, 2025, the U.S. Department of the Treasury and the Internal Revenue Service (IRS) issued Notice 2025-68, outlining their intent to issue regulations under newly enacted Section 530A of the Internal Revenue Code (IRC) and providing extensive interim guidance.

President Trump Signs Holding Foreign Insiders Accountable Act into Law
01.12.2026

On December 18, 2025, President Trump signed the 2026 National Defense Authorization Act, which includes the Holding Foreign Insiders Accountable Act (the HFIAA), expanding the scope of beneficial ownership reporting obligations to the directors and officers of foreign private issuers (FPIs), effective on March 18, 2026. The HFIAA amends Section 16(a) of the Securities Exchange Act of 1934 (the Exchange Act) such that securities issued by FPIs will no longer be exempt from Section 16(a)’s disclosure requirements with respect to such FPI’s officers and directors.

Data Center Development at Brownfields Sites
01.08.2026

Due to an unprecedented surge in data creation and consumption driven primarily by the rapid rise of artificial intelligence (AI) and cloud services, demand for computing power is increasing and data center development has become necessary to meet consumer, commercial and governmental needs.

Lessons from a Major Software Sunsetting: Contractual and Post-Contractual Best Practices
01.07.2026

Imagine this: You receive a cheerful “product evolution” email from the vendor providing a critical technology that you rely on to run your business. It says that critical system is being sunset. Your sales rep calls you and assures you that a replacement platform will of course be offered … for a price. The cheery emails and promises of something better mask a stark reality: a business-critical tool is going away on someone else’s timetable. Your operations depending on that system now face disruption, unplanned costs and compressed migration timelines.

FY 2026 NDAA Includes New Statutory Framework for Outbound Investment Restrictions
01.07.2026

The Fiscal Year 2026 National Defense Authorization Act (NDAA), which was signed into law on December 18, 2025, includes the Comprehensive Outbound Investment National Security Act of 2025 (“COINS Act” or the “Act”), which establishes a statutory framework to prohibit or require notification of certain outbound investments by U.S. persons in technology sectors deemed sensitive to U.S. national security. The COINS Act largely builds on the outbound investment regime implemented towards the end of the Biden administration under Executive Order (EO) 14105 and the U.S. Department of the Treasury’s existing regulations at 31 CFR Part 850 (the “Outbound Investment Regulations”), which went into force on January 2, 2025. (Our previous coverage on the Outbound Investment Regulations implemented under EO 14105 is available here.)