INDUSTRY-ANALYSIS

EBA Final Guidelines on Third-Country Branch Capital Endowment

The European Banking Authority (EBA) has published final guidelines on instruments that third-country branches can use to meet their capital endowment requirements under CRD IV. These guidelines clarify which debt securities and other instruments are acceptable and set operational conditions for their use.

Global Cartel Fines Surge to $3.3 Billion in 2025

Global cartel fines reached $3.3 billion in 2025, the highest total since 2021, driven primarily by enforcement actions in the European Union. The report highlights significant increases in fines from the European Commission and EU member states, while the US saw its lowest fine total in recent memory.

Vertical Conduct Violation Fines Dropped Six-Fold in 2025

A report indicates that fines for vertical conduct violations globally dropped six-fold in 2025 compared to 2024, with the number of infringement decisions halved. Despite this overall decrease, the European Commission remained the most active enforcer, focusing on the consumer and retail sectors, and resale price maintenance continued to be a key area of scrutiny.

DOJ Trade Fraud Task Force Revisits FDCA Charges

The DOJ's Trade Fraud Task Force, established six months ago, has announced its leading prosecutorial partner, the U.S. Attorney's Office for the Northern District of Illinois. This move signals an increased focus on enforcing the Federal Food, Drug, and Cosmetic Act (FDCA) in trade fraud cases, building on past successful prosecutions involving honey import schemes.

CNIPA Stops Notifying Local Agents for Madrid Designations

The Chinese National Intellectual Property Administration (CNIPA) has ceased notifying local Chinese trademark agents for international trademarks designating China via the Madrid System. CNIPA now only serves the WIPO-recorded representative or the trademark holder directly, requiring proactive monitoring by rights holders and their representatives to avoid missing response deadlines.

Court of International Trade Pauses IEEPA Refunds

The U.S. Court of International Trade has paused the immediate refund of duties imposed under the International Emergency Economic Powers Act (IEEPA) while leaving the underlying obligation to refund intact. This decision acknowledges practical limitations faced by U.S. Customs and Border Protection (CBP) in processing an estimated $166 billion in refunds for over 330,000 importers.

Data Brokers Face New Compliance Rules from CalPrivacy and FTC

California and the FTC are implementing new compliance rules for data brokers. California's Delete Request and Opt-out Platform (DROP) mechanism is now active, with data deletion requirements starting August 1, 2026. The FTC has also issued warnings regarding the Protecting Americans' Data from Foreign Adversaries Act (PADFAA).

Court Orders Removal of IEEPA Tariffs on U.S. Imports

The U.S. Court of International Trade has ordered the government to remove International Emergency Economic Powers Act (IEEPA) tariffs on U.S. imports, following a Supreme Court decision. U.S. Customs and Border Protection (CBP) indicated it could begin issuing refunds within 45 days, though importers are advised to monitor liquidation entries and file protests.

CIT Suspends IEEPA Duty Refund Order for CBP ACE Functionality

The U.S. Court of International Trade (CIT) has suspended its order requiring immediate refunds of IEEPA duties. This suspension allows U.S. Customs and Border Protection (CBP) time to develop new Automated Commercial Environment (ACE) functionality to process these refunds, estimated to be implemented in 45 days. Importers are advised to complete electronic refund setup and consider filing protests.

Section 122 Tariffs Challenged in U.S. Court of International Trade

24 states have filed a lawsuit in the U.S. Court of International Trade challenging the Section 122 tariffs imposed by President Trump on February 20, 2026. The states argue the conditions for invoking Section 122 were not met and the tariffs exceed the statute's scope. This case is expected to be expedited.