FCC Industry Analysis

Patent Application Drafting for US and Europe

This guidance article provides tips for companies on drafting patent applications intended for filing in both the United States and Europe. It highlights key differences in European patent practice, such as stricter requirements for specification support and inventive step, and offers strategies to ensure applications are robust for international examination.

Supreme Court Annuls Trump Tariffs, Aiding Art Markets

The Supreme Court of the United States has invalidated Trump Administration tariffs enacted under IEEPA in Learning Resources, Inc. v. Trump. The ruling restores traditional tariff exemptions for art and cultural property and may allow businesses to seek refunds for previously paid tariffs.

February 2026 Sanctions Developments

Hughes Hubbard & Reed LLP published an update on February 2026 sanctions developments, highlighting the largest individual civil monetary penalty, a penalty against an academic institution, and designations signaling pressure on Nicaragua. The update provides insights into recent enforcement actions and potential future sanctions targets.

DOJ Rules on Bulk Sensitive Personal Data Transfers

The Department of Justice has issued new regulations (28 CFR Part 202) implementing Executive Order 14117, restricting the bulk transfer of sensitive personal data, including health and genomic data, to countries of concern. These rules add a layer of compliance beyond HIPAA for organizations handling international data transfers.

UK Sanctions Update: Global Anti-Corruption and Russia Regimes

The UK Government has updated its sanctions list under the Global Anti-Corruption regime, varying an entry for Kamlesh Mansukhlal Damji Pattni to expand and clarify the grounds for his designation. Additionally, 297 new designations were made under the Russia sanctions regime, including companies, individuals, and vessels.

Oil & Gas M&A Activity Influenced by Market Volatility

This article discusses how macroeconomic turbulence and volatile commodity markets influenced oil and gas M&A activity in 2025. It notes a shift towards opportunistic transactions and the increasing role of private equity and activist investors, with AI demand also driving deal activity.

Treasury and IRS Simplify Currency Rules for Businesses

The Treasury and IRS have issued Notice 2026-17, announcing proposed regulations to simplify Section 987 currency rules for businesses. Key changes include an equity and basis pool method election and modified rules for recognizing suspended losses, aiming to reduce compliance burdens.

OFAC Sanctions Rwanda's Military and Four Officials

On March 2, 2026, OFAC sanctioned Rwanda's Defence Force (RDF) and four senior officials for supporting the M23 armed group in the DRC. This action blocks their assets in the U.S. and prohibits transactions with U.S. persons. A general license allows for winding down existing dealings until April 1, 2026.

USTR Seeks Input on Critical Minerals Trade Agreement

The Office of the United States Trade Representative (USTR) has opened a public docket to gather stakeholder input for a proposed "Plurilateral Agreement on Trade in Critical Minerals." This initiative aims to establish multinational policies for critical minerals supply chains, potentially including pricing mechanisms and investment incentives, following President Trump's Section 232 Proclamation.

EU Scales Back ESG Reporting and Due Diligence Rules

The EU has published amendments to the Corporate Sustainability Reporting Directive (CSRD) and Corporate Sustainability Due Diligence Directive (CS3D) via the Omnibus Directive EU 2026/470. These changes significantly reduce the scope of reporting and due diligence requirements for companies operating in the EU, including higher thresholds and adjusted compliance timelines.