FCC Industry Analysis

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.

OFAC 50 Percent Rule: Ownership Aggregation and Sanctions Compliance

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has issued guidance clarifying its 50 Percent Rule. This rule treats entities owned 50 percent or more in aggregate by blocked persons as themselves blocked, regardless of whether they are individually listed. The guidance emphasizes the need for sophisticated beneficial ownership tracing beyond simple list screening.

UK Employment Rights Act 2025 Reforms

The UK's Employment Rights Act 2025, passed on December 18, 2025, introduces significant reforms to employment law. These changes, phased in from 2026 to 2027, affect industrial action, family leave, statutory sick pay, and dismissal rights, with the establishment of a new Fair Work Agency.

EU Industrial Accelerator Act: Focus on Green and Procurement

The EU has published a proposal for its Industrial Accelerator Act, shifting focus from high-tech sectors to decarbonizing heavy industry and introducing 'Buy European' rules for public procurement. The Act aims to bolster EU industrial capacity and competitiveness, with significant implications for supply chains and international trade relations.

High Court Re-Affirms 'One-Stop' Dispute Resolution in Arbitration Award Challenges

The English High Court has dismissed a challenge to an arbitral award, confirming an arbitrator's jurisdiction in a Section 67 challenge. The ruling reinforces the principle of 'one-stop' dispute resolution, particularly in settlement agreements, and clarifies the scope of an arbitrator's authority.

Basel Committee Report on Synthetic Risk Transfer Markets

The Basel Committee on Banking Supervision has published a report analyzing the growth of synthetic risk transfer (SRT) markets, which provide capital relief for banks managing corporate credit risk. The report identifies trends and supervisory concerns, estimating protected assets at approximately EUR 750 billion.

Latin America Crime Risk Trends 2025-2026

This notice analyzes political, economic, and financial crime risk trends in Latin America for 2025-2026. It highlights the impact of electoral cycles, US national security policies, and organized crime on financial institutions and corporate governance across the region.

UK PSR Seeks Merchant Survey Views on Interchange Fees

The UK Payment Systems Regulator (PSR) is seeking comments on a draft merchant survey questionnaire as part of its review of cross-border interchange fees. The survey aims to gather data on merchants' processing costs for online payments from the EEA to inform fee levels. The deadline for comments is March 5, 2026.

Importers' Path to Recover IEEPA Tariffs After Supreme Court Ruling

A recent article discusses the implications of a Supreme Court ruling invalidating tariffs imposed under the International Emergency Economic Powers Act (IEEPA). Importers must take affirmative legal action, such as filing suit in the U.S. Court of International Trade, to recover paid tariffs, as refunds are not automatic.

Net-Zero GHG Emissions News and Views

Baker Botts L.L.P. has published Edition 42 of their 'P2N0 - News and Views on the Drive Towards Net-Zero GHG Emissions' newsletter. This edition, dated March 6, 2026, provides updates and insights on the global efforts to achieve net-zero greenhouse gas emissions.