FCC Industry Analysis

DITC Enforcement Guide for Cayman Islands Entities

The Cayman Islands Department for International Tax Cooperation (DITC) has increased its supervisory oversight and enforcement activities. This guide explains DITC enforcement notices, common triggers for non-compliance, and strategies for responding to mitigate penalties and reputational risk for Cayman Islands entities.

EU Proposes Industrial Accelerator Act for Public Procurement and Funding

The European Commission has proposed the Industrial Accelerator Act (IAA), which would introduce EU origin and low-carbon content requirements for public procurement and public funding. The proposal aims to boost the EU's manufacturing share and includes conditions for foreign direct investments in key sectors.

Force Majeure in Gulf Construction Contracts Amid Iran Conflict

This client alert from King & Spalding discusses force majeure clauses in Gulf construction contracts in response to the Iran conflict. It outlines typical contractual regimes, legal implications, and provides practical advice for employers and contractors facing supply chain and logistical disruptions.

CIT Ruling on IEEPA Duties Impacts Importer Refunds

The U.S. Court of International Trade (CIT) issued an order in Atmus Filtration, Inc. v. United States directing CBP to liquidate entries without regard to IEEPA duties. This ruling impacts importers seeking refunds of tariffs previously imposed under IEEPA, following a Supreme Court decision.

Importers Eye IEEPA Tariff Refunds After Supreme Court Ruling

Following a Supreme Court ruling that President Trump's IEEPA tariffs were unlawful, importers are seeking refunds. The administration plans to complicate the refund process, leaving the Court of International Trade to handle thousands of cases. The CIT has issued an initial order confirming importers' entitlement to refunds.

Trade Court Orders $166 Billion Refund of IEEPA Duties

The U.S. Court of International Trade has ordered U.S. Customs and Border Protection to refund approximately $166 billion in duties paid by over 330,000 importers under unlawful tariffs imposed via IEEPA. This follows a Supreme Court ruling invalidating the tariffs.

Court Orders Refund of Invalidated IEEPA Tariffs

The Court of International Trade (CIT) has ordered U.S. Customs and Border Protection (CBP) to halt liquidation of invalidated IEEPA tariffs and begin unwinding assessed duties. This broad order in Atmus Filtration, Inc. v. United States aims to provide relief to all importers of record, including those who did not file their own refund actions.

US Directs Dismantling of Criminal Cartels in Western Hemisphere

The US government has issued an executive order directing federal agencies to dismantle criminal cartels and transnational gangs operating in the Western Hemisphere. The order mandates coordination with allied governments, military training for partner nations, and the use of all legal authorities to counter cartel-driven violence and corruption.

US Government Mobilizes War Risk Insurance for Middle East Commerce

The U.S. International Development Finance Corporation (DFC) will offer political risk insurance and guaranty products to stabilize international commerce and support businesses operating in the Middle East. This initiative aims to mitigate disruptions caused by conflict with the Iranian regime and stabilize the war risk insurance market.

SEC Exempts FPI Directors and Officers from Section 16 Reporting

The SEC has issued an order exempting directors and officers of certain foreign private issuers (FPIs) from Section 16(a) reporting requirements. This exemption is effective immediately and applies to FPIs incorporated in qualifying jurisdictions with qualifying regulations, ahead of the March 18, 2026 compliance deadline.