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SEC Proposes Rescinding Investment Adviser Pay-to-Play Rule, but Compliance Risks Remain

Mon, 14 Sep 2026 10:30:00 Z

On September 3, 2026, the Securities and Exchange Commission proposed to rescind Rule 206(4)-5 under the Investment Advisers Act of 1940—the federal “pay-to-play” rule for investment advisers (the “Rule”)—in its entirety and eliminate associated recordkeeping requirements.

Readily Ascertainable—WilmerHale's Trade Secret Bulletin: July 2026

Fri, 11 Sep 2026 15:04:00 Z

Welcome to WilmerHale’s bulletin on recent trade secret case law and relevant news items. We’ve affectionately nicknamed it “Readily Ascertainable” because, unlike a trade secret, it should be easy to figure out. If you have any questions about these cases or the legal issues they implicate, our trade secret experts would be delighted to answer them.

IRS Proposed Regulation on Tax-Exempt Schools and Other Nonprofits' Diversity Initiatives

Tue, 08 Sep 2026 17:45:00 Z

On September 3, the Treasury Department and the IRS issued a proposed regulation to end federal tax-exempt status for private schools that have policies or practices found to discriminate on the basis of race.

Data Centers in Dispute: Contract and Treaty Claims in the Global Build-Out

Tue, 08 Sep 2026 13:00:00 Z

Data centers are being developed at an unprecedented pace to meet the continued expansion of cloud computing services and the rapidly growing demand for AI computing capacity.

PTAB/USPTO Update - September 2026

Thu, 03 Sep 2026 10:00:00 Z

On August 3, the USPTO released the latest edition of its series of reports highlighting the profound economic contributions of industries that predominantly rely on intellectual property protection, including patents, trademarks, and copyrights, titled “Intellectual property and the U.S. economy in 2024.”

SEC and FDA Sign Memorandum of Understanding to Share Non-Public Information on FDA Regulated Public Companies

Tue, 01 Sep 2026 21:59:00 Z

The U.S. Securities and Exchange Commission (SEC) and the U.S. Food and Drug Administration (FDA) have signed a Memorandum of Understanding (MOU). On August 31, 2026, the SEC announced the execution of the MOU, which establishes a formalized information-sharing agreement between the agencies.

Texas Demonstrates Expanded Risks for Data Center Developers

Tue, 01 Sep 2026 14:30:00 Z

Large data center projects in Texas are facing increasing scrutiny and a greater risk of delay, with a recent directive from Governor Abbott delaying approvals and affecting many proposed data center projects while eligibility for the state’s large electrical load review process is verified.

Recent DOJ Settlements Highlight False Claims Act Scrutiny of Medicare Advantage Providers

Mon, 31 Aug 2026 15:00:00 Z

In recent weeks, the U.S. Department of Justice (DOJ) has announced three settlements of False Claims Act (FCA) matters—including a $541.5 million settlement just last week— against healthcare providers partnering with Medicare Advantage plans for allegedly causing the submission of false diagnosis codes.

A Step Towards Clarity: SEC Proposes Regulation Crypto Assets

Mon, 31 Aug 2026 14:00:00 Z

On August 18, 2026, the Securities and Exchange Commission (SEC or Commission) proposed Regulation Crypto Assets, which would establish a regulatory framework for offerings of certain investment contracts involving crypto assets (Covered Investment Contracts). This is the SEC’s first proposal designed expressly for crypto asset offerings, and it represents a significant development for an industry that has sought durable, fit-for-purpose guidance on these issues for years.

DOJ Announces Second DEI-Related False Claims Act Settlement

Thu, 27 Aug 2026 16:57:00 Z

On August 25, 2026, the US Department of Justice announced that Deloitte agreed to pay $21.5M to resolve allegations under the False Claims Act that certain DEI initiatives violated federal anti-discrimination requirements.

Federal Circuit Patent Watch: Provisional Application Must Provide Written Description Support For At Least One Claim For Published Patent Application Reference To Be Considered Prior Art To An AIA Patent As Of Date of Provisional Application

Wed, 26 Aug 2026 16:00:00 Z

A collection of summaries of and links to recent precedential opinions by the United States Court of Appeals for the Federal Circuit.

AI and Directors' Duties: Practical Considerations for Boards of UK Companies

Thu, 20 Aug 2026 10:00:00 Z

As artificial intelligence becomes an increasingly important boardroom issue, this article explores how directors can effectively discharge their duties while overseeing AI-related risks and governance challenges.

Trump Administration Directs Establishment of Program for Private-Sector Participation in Cyber Operations Against Transnational Criminal Organizations

Tue, 18 Aug 2026 13:40:00 Z

On August 12, 2026, President Trump issued a memorandum directing the federal government to establish a program allowing vetted private-sector companies to conduct several types of cyber operations against foreign cyber-enabled transnational criminal organizations.

Using Temporary Pauses to Develop Permanent Regulation: The Growing Use of Data Center Moratoria

Tue, 18 Aug 2026 10:00:00 Z

Data center moratoria are emerging as a powerful regulatory tool, creating new legal and business risks for developers, operators and investors.

UK Supreme Court Holds That Foreign States Carrying Out Spyware and Hacking Operations Are Not Entitled to State Immunity from TORT Claims

Fri, 14 Aug 2026 14:34:00 Z

In its recent judgment in The Kingdom of Bahrain v Shehabi and another UKSC 25, the Supreme Court of the United Kingdom denied immunity under the State Immunity Act 1978 to a sovereign State faced with tort claims relating to its alleged remote surveillance of UK-based individuals.

Insight Article Detail Page

Thu, 13 Aug 2026 10:00:00 Z

The first half of 2026 underscored how quickly the sports and gaming industries evolve and how hard it is for existing legal frameworks to keep pace.

Understanding implications for vertical mergers from the FTCs recent review of IonQ and SkyWater

Wed, 12 Aug 2026 19:40:00 Z

On July 31, 2026, the Federal Trade Commission (FTC or Commission) closed its investigation into possible vertical antitrust concerns from IonQ Inc.’s (IonQ) proposed $1.8 billion acquisition of SkyWater Technologies Inc. (SkyWater).

Islanded, But Not Unregulated or Unchallenged: New Developments for Behind-the-Meter Data Center Power Generation

Wed, 12 Aug 2026 10:00:00 Z

In a July 2026 client alert, we examined the rapidly evolving legal landscape surrounding data center development, focusing on the growing wave of nuisance, environmental and land-use litigation targeting data center projects. Since publication, several notable developments have further illustrated the pace at which legal and regulatory risks in this area are evolving.

PTAB/USPTO Update - August 2026

Mon, 10 Aug 2026 17:30:00 Z

The USPTO announced that, as of July 1, the USPTO’s Trademarks organization achieved full adoption of the USPTO’s enterprise AI tool, Scout LLM, expanding access to all work units, including examining attorneys.

Federal Circuit Patent Watch: Patent Not Enabled Where Specification "Disclosed No Actual Dosages for Any Compound Within the Scope of the Claims"

Fri, 07 Aug 2026 10:00:00 Z

A collection of summaries of and links to recent precedential opinions by the United States Court of Appeals for the Federal Circuit.

Going Digital by Default SEC Proposes a New Era for E-Delivery

Thu, 06 Aug 2026 11:00:00 Z

SEC’s proposed Reg E-Delivery would make electronic delivery the default, reshaping investor communications and compliance obligations.

Readily Ascertainable—WilmerHale's Trade Secret Bulletin: June 2026

Wed, 05 Aug 2026 13:12:00 Z

This installment of Readily Ascertainablecoversa Fifth Circuit reversal reinstating a RICO complaint premised on trade secret theft,an order requiring a “bill of particulars” identifying alleged trade secrets in a federal criminal prosecution, a summary judgment ruling that partial client lists reconstructed from memory were not trade secrets, andtwo dismissals of trade secret claims for failure to plead the alleged trade secrets with sufficient particularity.

FINRA Requests Industry Input on the Future of Best Execution

Mon, 03 Aug 2026 12:30:00 Z

On July 24, 2026, the Financial Industry Regulatory Authority (“FINRA”) published Regulatory Notice 26-15, seeking input on potential changes to modernize its best execution guidance. FINRA issued the notice in light of “significant market structure developments,” including a recent proposal by the Securities and Exchange Commission (“SEC”) to rescind Regulation National Market System (“Reg NMS”) Rule 611 (the “trade-through rule”) and Rule 610(e) (the prohibition on locking and crossing quotations in NMS stocks).

First Impressions: Key Lessons from DOJ’ Issues First Declination of Healthcare Company Under New Corporate Enforcement Policy

Fri, 31 Jul 2026 10:30:00 Z

On July 29, 2026, the Department of Justice announced its first declination of a healthcare company under its new 2026 Corporate Enforcement and Voluntary Self-Disclosure Policy.

A Faster Track to Merger Clearance? DOJ Releases Revised Model Timing Agreement

Tue, 28 Jul 2026 10:00:00 Z

On July 23, 2026, the Department of Justice Antitrust Division announced a “return to historic practice” that emphasizes a more “targeted” process for second requests in merger investigations.

Revised ICC Rules Came into Effect on 1 June 2026

Thu, 23 Jul 2026 10:00:00 Z

Pentagon Suspends CMMC Phase 2 Requirements and Launches Review of Cybersecurity Certification Program

Mon, 20 Jul 2026 20:14:00 Z

On July 13, 2026, the US Department of War announced the immediate suspension of Phase 2 of the implementation of Cybersecurity Maturity Model Certification (CMMC) assessment requirements, which had been scheduled to take effect on November 10, 2026.

Old Rules, New Tools: N.D. Cal. Applies Traditional TAR Principles to Generative AI Discovery

Mon, 20 Jul 2026 14:00:00 Z

As parties continue to use generative AI tools in discovery, a recent decision from the Northern District of California, Schulte v. LinkedIn Corp. (N.D. Cal. June 30, 2026), provides welcome guidance.

Federal Reserve Follows (to a Degree) FinCEN and Other Banking Agencies in Proposing Sweeping AML/CFT Program Reforms

Tue, 14 Jul 2026 11:00:00 Z

On July 7, 2026, the Board of Governors of the Federal Reserve System (the Board or Federal Reserve) issued its own Notice of Proposed Rulemaking (NPRM or Proposed Rule) that would substantially revise the anti-money laundering and countering the financing of terrorism (AML/CFT) program requirements applicable to Board-supervised banks under the Bank Secrecy Act.

Report From FINRA Enforcement External Review: Five Practical Takeaways for Member Firms

Mon, 13 Jul 2026 14:30:00 Z

In this alert, we summarize five of these insights and offer practical advice on using them in Enforcement matters.

Data Centers in Court: The Emerging Wave of Nuisance, Environmental, and Land-Use Litigation

Mon, 13 Jul 2026 09:30:00 Z

Over the past year, several lawsuits have been filed against regulators as well as against data-center developers and operators by neighboring residents and other plaintiffs.

PTAB/USPTO Update - July 2026

Tue, 07 Jul 2026 12:30:00 Z

On July 1, USPTO congratulated Former USPTO Deputy Director Laura Peter on her nomination as Deputy Director General (DDG) of the World Intellectual Property Organization (WIPO)’s Patents and Technology Sector.

ERISA Requires a Fiduciary to Employ a Prudent Process in the Selection of Investment Options, Not Investment Success

Tue, 07 Jul 2026 10:00:00 Z

The Fourth Amendment Moves to the Cloud: Chatrie v. United States and the Future of Digital Privacy

Thu, 02 Jul 2026 16:42:00 Z

On June 29, 2026, in Chatrie v. United States, the Supreme Court held in a 6–3 decision that police conduct a Fourth Amendment “search” when they obtain a person’s cell phone location data through a geofence warrant, notwithstanding the third-party doctrine.

Enforcement of Awards Against Sovereigns - UK Court of Appeal Clarifies Scope of Waiver of State Immunity

Thu, 02 Jul 2026 16:00:00 Z

The Court of Appeal of England and Wales in CC/Devas (Mauritius) Ltd & Others v The Republic of India [2026] EWCA Civ 797 has held that a State’s ratification of the New York Convention does not, by itself, waive sovereign immunity as a defence to the enforcement of an arbitral award.

SEC Rulemaking Updates – Capital Markets Edition

Wed, 01 Jul 2026 13:18:00 Z

SEC proposals would ease disclosure rules, modernize IPOs and boost capital formation as Chairman Atkins advances “Make IPOs Great Again.”

Federal Circuit Patent Watch: Federal Circuit Clarifies The Skilled Searcher Standard For IPR Estoppel And Holds That District Court Relied On Insufficient Evidence To Apply IPR Estoppel

Wed, 01 Jul 2026 10:30:00 Z

A collection of summaries of and links to recent precedential opinions by the United States Court of Appeals for the Federal Circuit.

Harmonizing the Divide: SEC and CFTC Request Comment on Derivatives Jurisdiction and Definitions

Mon, 29 Jun 2026 19:00:00 Z

The SEC and the CFTC are seeking comment on fifteen questions related to Title VII of Dodd-Frank, which divides authority over swaps markets between the SEC and the CFTC.

New Iran Authorization Implements Memorandum of Understanding

Fri, 26 Jun 2026 18:47:00 Z

OFAC Authorizes Production, Delivery and Sale of Iranian Energy Products through August 21, 2026

Readily Ascertainable—WilmerHale's Trade Secret Bulletin: May 2026

Fri, 26 Jun 2026 08:00:00 Z

For this installment of Readily Ascertainable, we cover decisions relating to when the DTSA statute of limitations begins to run, the availability of certain unjust enrichment and reasonable royalty damages remedies, whether and to what extent compilations may qualify as trade secrets, and the preclusive scope of California’s trade secrets statute.

A New Era of Enforcement in UK Sanctions

Thu, 25 Jun 2026 09:00:00 Z

The United Kingdom’s Office of Financial Sanctions Implementation has imposed its first monetary penalties under its new settlement scheme for breaches of the United Kingdom’s Russian sanctions regime and separately published a three-year strategy and cross-government policy paper on sanctions enforcement.

FDA Issues New Guidance for Submitting Patent Information for Listing in the "Orange Book"

Thu, 18 Jun 2026 16:43:00 Z

FDA issued draft guidance on Forms 3542/3542a for Orange Book listings, clarifying procedures and updates; comments due Aug. 14, 2026.

10 Takeaways from the CFTC Event Contracts Proposed Rulemaking

Thu, 18 Jun 2026 14:39:00 Z

On June 10, 2026, the CFTC published a NPRM seeking public comment on proposed amendments to CFTC Regulation 40.11 and the addition of a new Appendix F to the CFTC’s Part 40 rules.

Federal Circuit Finds Jury Instructions in ED Texas Case “Erroneous” and “Improper”

Wed, 17 Jun 2026 16:18:00 Z

A collection of summaries of and links to recent precedential opinions by the United States Court of Appeals for the Federal Circuit.

The SEC Takes Aim at the Trade-Through Rule

Wed, 17 Jun 2026 14:35:00 Z

On June 11, 2026, the Securities and Exchange Commission (SEC) voted to propose the rescission of Exchange Act Rule 611 (the “Order Protection Rule” or “trade-through rule”) and Rule 610(e) (the “locked and crossed markets” prohibition) of Regulation NMS, two provisions that have shaped the structure of US equity markets since 2005. The proposal would eliminate both rules in their entirety, along with related defined terms in Rule 600, and make conforming amendments to other provisions. Comments are due 60 days following publication in the Federal Register.

The TAKE IT DOWN Act Goes Live

Mon, 15 Jun 2026 16:07:00 Z

For tech and social media companies that may qualify as covered platforms, the federal TAKE IT DOWN Act is no longer a future compliance issue but an immediate enforcement risk.

Pentagon Adds 65 New Entities to the 1260H List of Chinese Military Companies

Fri, 12 Jun 2026 14:49:00 Z

On June 8, 2026, the U.S. Department of Defense/War (the “Department” or the “Pentagon”) released an updated version of its list of “Chinese Military Companies” operating in the United States, pursuant to the requirements of Section 1260H of the National Defense Authorization Act (“NDAA”) for Fiscal Year 2021 (the “1260H List”).

New Executive Order on “Strengthening Customs Enforcement” What Importers Need to Know

Wed, 10 Jun 2026 16:00:00 Z

On June 3, 2026, President Trump signed an Executive Order titled “Strengthening Customs Enforcement,” (the Order) directing the Department of Homeland Security (DHS) and U.S. Customs and Border Protection (CBP) to undertake a broad overhaul of the rules governing importation into the United States.

Supreme Court Clarifies Pleading Standard for Induced Infringement in Hikma v. Amarin

Wed, 10 Jun 2026 09:00:00 Z

On June 4, the Supreme Court decided Hikma Pharmaceuticals USA Inc. v. Amarin Pharma, Inc., which was related to the requirements for induced infringement, specifically in the context of “skinny labels” for generic drug products.

Revised EU Technology Transfer Block Exemption Regulation and Guidelines

Tue, 09 Jun 2026 15:25:00 Z

Last month, the European Union's revised Technology Transfer Block Exemption Regulation and accompanying Guidelines came into force, replacing the previous 2014 framework.