FCC Industry Analysis

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.

SEC Exempts Foreign Private Issuer Directors/Officers from Section 16(a) Filings

The SEC has issued an order granting an exemption from Section 16(a) beneficial ownership reporting requirements for officers and directors of certain foreign private issuers (FPIs). This exemption applies to FPIs incorporated in qualifying jurisdictions with substantially similar disclosure regulations, such as Canada, the EEA, the UK, and others. The order aims to align with the Holding Foreign Insiders Accountable Act.

US and Hong Kong Stablecoin and Crypto-Asset Regulation Analysis

This analysis compares the regulatory approaches to stablecoins and crypto-assets in the US and Hong Kong as of March 2026. It highlights the US's evolving fragmented approach, including the GENIUS Act, and Hong Kong's unified, purpose-built licensing framework. The document aims to guide market participants through these distinct regulatory landscapes.

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.

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.

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.

Regulation of AI in Drug Development: US, EU, and UK Approaches

Regulators in the US, EU, and UK are developing approaches to govern the use of AI in drug development, focusing on patient safety and research integrity. Key initiatives include common principles agreed upon by the EMA and FDA, and international harmonization efforts for AI/ML-enabled medical devices.

SEC Grants Conditional Reporting Relief for Foreign Private Issuers

The SEC has issued an exemptive order providing conditional relief from Section 16(a) insider reporting requirements for certain foreign private issuers. This relief applies when insiders are subject to substantially similar reporting obligations in their home jurisdiction, aiming to avoid duplicative filings.

Court Orders Refund of Invalid Tariffs on IEEPA Goods

The U.S. Court of International Trade ordered U.S. Customs and Border Protection to refund invalid tariffs charged under the International Emergency Economic Powers Act (IEEPA). This ruling provides nationwide relief for importers, though an appeal is expected.

Court Orders Tariff Refunds for Importers

The U.S. Court of International Trade has ordered U.S. Customs and Border Protection to refund duties collected under the now-unlawful IEEPA tariffs. This decision follows a Supreme Court ruling and impacts importers nationwide, with specific actions required for refund eligibility.