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.

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.

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.

Export Control Complexity Grows with Technology and Geopolitics

This article discusses the increasing complexity of export control and sanctions regimes due to technological advancements and geopolitical shifts, using the UK as an example. It highlights that failure to comply with UK export controls can result in severe penalties, including fines and imprisonment.

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.

SEC Exempts FPI Directors/Officers from Section 16 Reporting

The SEC issued an order exempting directors and officers of certain foreign private issuers (FPIs) from Section 16 reporting obligations. This exemption applies to FPIs from qualifying jurisdictions with substantially similar regulations and provides relief ahead of the March 18, 2026, reporting deadline.

Omnibus I Directive Amends EU Sustainability Reporting and Due Diligence

The EU's Omnibus I Directive, amending the Corporate Sustainability Reporting Directive (CSRD) and Corporate Sustainability Due Diligence Directive (CSDDD), has been published in the Official Journal. This directive aims to streamline sustainability reporting and due diligence obligations for businesses operating within the EU.

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.

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.

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.