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Numbers Tell a Story, Just Not This One: The SEC’s Enforcement Division Finds its Focus

Fri, 13 Nov 2026 20:30:00 Z

On November 10, 2026, the SEC announced the Division of Enforcement’s results for fiscal year 2026, which ended September 30, 2026.

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

Wed, 11 Nov 2026 16:52:00 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.

Agentic AI Raises New Questions for Financial Institutions

Tue, 10 Nov 2026 14:21:00 Z

Artificial intelligence has moved beyond answering questions and generating content. Increasingly, AI systems are being designed to act.

2026 US Midterm Elections and the Impact on Philanthropy and Nonprofits

Fri, 06 Nov 2026 18:45:00 Z

The 2026 midterm elections have reshaped the political landscape, with voters handing Democrats majorities in both chambers of Congress. For foundations and nonprofits, this signals a significant shift in oversight scrutiny.

2026 State Attorney General Elections: New Attorneys General, Flipped Seats, and What It Means for Business

Fri, 06 Nov 2026 15:46:00 Z

Tuesday’s decisive Democratic wave reached deep into down-ballot races, including those for critical state attorney general offices.

PTAB/USPTO Update - November 2026

Fri, 06 Nov 2026 14:00:00 Z

On October 5, the USPTO welcomed John F. Duffy as its new General Counsel and Acting Solicitor.

After the Election: What Unified Democratic Control Means for Congressional Oversight of Companies

Fri, 06 Nov 2026 12:00:00 Z

Unified Democratic control of Congress is expected to usher in more aggressive and potentially overlapping congressional investigations, requiring companies to prepare now for heightened scrutiny in the new Congress.

New York Employment Law Developments to Watch: What Employers Should Know

Mon, 02 Nov 2026 15:00:00 Z

Beginning November 8, 2026, New York employers will face new requirements governing employee access to personnel records, with pending legislation imposing mandatory consideration and revocation periods on severance agreements containing a release of claims.

Data Center Security: Managing Foreign-Adversary Risk in Critical Systems

Fri, 30 Oct 2026 14:37:00 Z

Developers of US data centers face significant, complicated and evolving challenges beyond the more familiar if still formidable complexities associated with permitting, power and water.

Universal Vacatur Returns to the Supreme Court. Why Regulated Businesses Should Care.

Thu, 29 Oct 2026 19:06:00 Z

At oral argument in United States v. Texas, 599 U.S. 670, Chief Justice John Roberts bristled at the government’s position that the Administrative Procedure Act does not authorize federal courts to “vacate” unlawful regulations, characterizing that position as “fairly radical” and joking that “those of us who were on the D.C. Circuit” would vacate regulations “five times before breakfast.”

Treasury Proposes Major Expansion of Outbound Investment Rules to Restrict US Investments in China

Tue, 27 Oct 2026 16:40:00 Z

On October 22, 2026, the US Department of the Treasury (Treasury) issued a Notice of Proposed Rulemaking (NPRM) to implement the Comprehensive Outbound Investment National Security Act (COINS Act), enacted as part of the FY 2026 National Defense Authorization Act.

OCC Finalizes GENIUS Act Rule for Permitted Payment Stablecoin Issuers, Easing Several Key Proposed Requirements and Raising New Issues

Tue, 27 Oct 2026 14:07:00 Z

The OCC issued its final rule implementing the GENIUS Act, which takes effect on January 18, 2027, the same day as the Act.

SEC 2027 Exam Priorities: Familiar Priorities, Evolving Markets

Mon, 26 Oct 2026 15:00:00 Z

On October 23, 2026, the SEC Division of Examinations (the Division or Exams) published its fiscal year 2027 examination priorities. In announcing the priorities, Chairman Paul Atkins noted, “Examinations provide critical insight into emerging risks, evolving business practices, and market developments across our financial system.”

Section 232 Pharmaceutical Tariffs Are Now in Effect Its Not Too Late to Consider Duty Mitigation Strategies

Fri, 16 Oct 2026 14:11:00 Z

On September 29, 2026, the final phase of the Section 232 pharmaceutical tariffs established by Presidential Proclamation 11020 (the Proclamation), became effective, subjecting many imported patented pharmaceuticals and associated ingredients to an additional 100 percent ad valorem duty.

En Banc Eleventh Circuit Abandons Exhaustion Requirement for ERISA Statutory Claims

Thu, 15 Oct 2026 17:38:00 Z

On October 13, 2026, in Bolton v. Inland Fresh Seafood Corp. of America, Inc., the en banc Eleventh Circuit overruled its decades-old precedent imposing a mandatory administrative exhaustion requirement for all statutory claims brought under ERISA.

Long Awaited SEC Proposal Would Restore Fixed-Income Cross Trading for Registered Funds

Wed, 14 Oct 2026 21:26:00 Z

On October 9, 2026, the SEC at long last proposed amendments to Rule 17a-7 under the Investment Company Act of 1940 that would once again permit registered funds to cross trade most fixed-income securities with their affiliates.

What Companies Need to Know to Prepare for the Next Congress

Wed, 14 Oct 2026 17:00:00 Z

The next Congress is likely to bring robust oversight activity, making preparation before an inquiry arrives increasingly important for organizations.

Lame Duck, High Stakes: Congress's Postelection Agenda

Wed, 14 Oct 2026 14:12:00 Z

Congressional postelection sessions often promise more than they deliver. This year’s lame-duck session could be different.

UK SFO Offers Companies Early Dialogue but the Self-Reporting Dilemma Remains

Wed, 14 Oct 2026 09:30:00 Z

On 13 October 2026, the UK Serious Fraud Office (SFO) announced amendments to its Corporate Cooperation Guidance, first published in April 2025.

Treasury Issues First Civil Penalty Under Outbound Investment Security Program

Fri, 09 Oct 2026 11:00:00 Z

On October 7, the US Treasury Department announced its first civil penalty under the Outbound Investment Security Program.

PTAB/USPTO Update - October 2026

Fri, 09 Oct 2026 09:45:00 Z

On September 11, the Patent Trial and Appeal Board (PTAB) announced the addition of two templates with companion guidance (and a glossary) that will now be available for America Invents Act (AIA) trial proceedings.

20261008 SEC Staff Statement Highlights Valuation and Disclosure Expectations for Private Credit and Other Illiquid Assets

Thu, 08 Oct 2026 18:16:00 Z

On September 28, 2026, SEC Chief Accountant Kurt Hohl and Division of Investment Management Director Brian Daly issued a staff statement reminding management, boards, valuation designees, and auditors of existing fair value measurement and disclosure requirements applicable to private assets, particularly private credit.

SEC Approves FINRA’s New “Outside Activities” Rule

Thu, 08 Oct 2026 16:21:00 Z

On September 15, 2026, the SEC approved new FINRA Rule 3290, which will replace existing FINRA rules on outside business activities and private securities transactions.

CFTC Seeks Input on Crypto Asset Regulatory Framework

Thu, 08 Oct 2026 12:45:00 Z

On October 5, 2026, the Commodity Futures Trading Commission (“CFTC”) issued an Advanced Notice of Proposed Rulemaking (“ANPRM”) regarding its intent to establish a comprehensive regulatory framework for retail commodity transactions involving crypto assets (“CTXs”) and the exchanges that offer trading in CTXs, which the CFTC calls crypto asset markets (“CAMs”).

Data Center Outsourcing: Contracting for Contingencies and Complexities

Thu, 08 Oct 2026 12:00:00 Z

As data center projects become increasingly dependent on power availability, permitting, construction, and equipment supply chains, outsourcing agreements should be adapted to address these unique risks.

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

Tue, 06 Oct 2026 18:30:00 Z

A New Source of Antitrust Exposure: California Adopts Monopolization Prohibition

Tue, 06 Oct 2026 17:56:00 Z

Governor Gavin Newsom signed the COMPETE Act into law on September 30, 2026. For the first time, California’s antitrust statute will reach single-firm conduct.

The Innovation Exemption Arrives: SEC Clears a Conditional Path for Onchain Trading of Tokenized NMS Stocks

Mon, 05 Oct 2026 13:47:00 Z

On September 17, 2026, the SEC issued an order granting five-year conditional exemptive relief to facilitate permissioned onchain trading of tokenized NMS stock through automated market makers and liquidity pools.

New Handbook, Familiar Playbook: Examination Guidance Under One Cover

Fri, 02 Oct 2026 17:46:00 Z

On October 1, 2026, the Division of Examinations of the SEC released its new examination handbook titled The SEC Exam Handbook: A Practical Guide on Process and Engagement.

DOJ Fraud Division Announces New Corporate Enforcement Memo

Fri, 02 Oct 2026 14:00:00 Z

On October 1, 2026, Assistant Attorney General Colin M. McDonald issued a memorandum describing the Department of Justice’s (DOJ) National Fraud Enforcement Division’s (Fraud Division) corporate enforcement priorities and certain directives intended to advance the Fraud Division’s mission.

Not Just Science Fiction: The Legal Reality of Orbital Data Centers

Thu, 01 Oct 2026 12:00:00 Z

As discussed in a previous client alert, growing demand from AI, cloud computing, and digital services is driving interest in alternative data center solutions, including those beyond Earth.

The SEC’s Transfer Agent Modernization Proposal: Implications for Onchain Recordkeeping

Wed, 30 Sep 2026 16:42:00 Z

On September 1, 2026, the Securities and Exchange Commission proposed a comprehensive overhaul of the regulatory framework governing registered transfer agents.

23x5 Trading Comes to US Exchanges: What Firms Should Know Before Launch

Tue, 29 Sep 2026 15:17:00 Z

The anticipated implementation of 23x5 exchange trading by December 6, 2026 represents the most significant expansion of trading hours for US national securities exchanges in decades.

China’s Rise as a Global Biopharma Innovation Hub: Navigating Trends, Opportunities, and Evolving Deal Structures

Tue, 29 Sep 2026 09:30:00 Z

Driven by faster development timelines, lower clinical trial costs, and aggressive government support, China has rapidly shifted from a manufacturer of third-party drugs to a dominant source of early-stage biotech research and innovative clinical assets.

FARA's Future: DOJ Signals Regulatory Revisions and Heightened Enforcement Action

Mon, 28 Sep 2026 08:30:00 Z

The US Department of Justice recently signaled that it may increase its focus on the Foreign Agents Registration Act and a related—but more powerful—statute 18 U.S.C. Section 951.

Preparing for 2027 Congressional Oversight: Key Areas of Risk for Companies

Thu, 24 Sep 2026 07:30:00 Z

As we look ahead to a potential change in control in Congress following the 2026 midterm elections, companies should brace for more active and far-reaching congressional oversight.

DOJ Revises Justice Manual to Limit Reliance on Agency Guidance in FCA Enforcement

Wed, 23 Sep 2026 15:39:00 Z

DOJ’s revised policy limits reliance on agency guidance in enforcement actions, creating potential new defenses in FCA cases.

EU General Court Upholds the Prohibition of Booking/eTraveli

Wed, 23 Sep 2026 11:00:00 Z

A new EU court ruling broadens the European Commission’s merger enforcement powers, raising fresh questions about how future transactions will be assessed.

D.C. Circuit Reaffirms Broad Reach of the Anti-Kickback Statute and Confirms a Strict 60-day Clock on HHS OIG Advisory Opinions

Tue, 22 Sep 2026 15:35:00 Z

Healthcare, pharmaceutical, and life sciences companies have long grappled with the Department of Justice (DOJ)’s expansive view of the Anti-Kickback Statute (AKS), reaching beyond what would be considered traditional bribes or kickbacks.

English Court of Appeal Approves Choice of Arbitration as Global (F)RAND Venue for SEP Licensing Disputes When Made by SEP Owners

Tue, 15 Sep 2026 14:35:00 Z

The English Court of Appeal confirms arbitration as a valid forum for global FRAND SEP disputes, strengthening options for patent owners.

US ITC Seeks Public Comment on Reviving Its Section 338 Reporting Role Following the President’s Use of Section 338 Tariff Authority

Mon, 14 Sep 2026 15:00:00 Z

The US International Trade Commission has opened a public comment period seeking input on how it should carry out its data collection and reporting obligations under Section 338 of the Tariff Act of 1930.

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

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.