Texas Court Requires US Domicile for Chapter 15 Recognition

The US Bankruptcy Court for the Southern District of Texas ruled in In re Siu-Fung Ceramics Holdings that foreign debtors must have a US domicile, place of business, or property to qualify for Chapter 15 recognition. This decision aligns with the Second Circuit and diverges from the Eleventh Circuit's precedent.

CRD VI Consequences for M&A Transactions

CRD VI introduces a new harmonized regime for M&A transactions in the banking sector across the EU, requiring prior notification and, in some cases, approval from competent authorities. While national transposition is incomplete, the M&A provisions are set to apply from January 11, 2026.

OFAC Fines IMG Academy for Sanctions Violations

The Office of Foreign Assets Control (OFAC) has fined IMG Academy $XXX,XXX for accepting tuition payments from parents designated under sanctions. The enforcement action highlights the pervasive nature of sanctions risk across various sectors, including educational institutions.

USITC Launches Investigations into China Trade Relations and Biotech Support

The US International Trade Commission (ITC) has launched two Section 332 investigations: one examining the economic effects of revoking China's permanent normal trade relations status, and another reviewing China's state support and pricing practices in the biotechnology sector. These investigations will provide an analytical record for Congress and the administration regarding future trade and industrial policy measures targeting China.

USITC Investigates Chinese Biotech State Support and Pricing

The U.S. International Trade Commission (USITC) has launched an investigation into Chinese state support and pricing practices within the biotechnology sector. The investigation aims to assess the impact on U.S. industry competitiveness and market share, with a report due by January 2027.

Germany NIS2 Cybersecurity Law Implementation Deadline

Germany's implementation law for the NIS2 Directive, effective December 2025, expands cybersecurity requirements to new sectors including digital services and manufacturing. Covered entities must register with the BSI by March 6, 2026, and comply with new security and incident reporting obligations.

OCC GENIUS Act Proposal on Stablecoins

The Office of the Comptroller of the Currency (OCC) has issued a Notice of Proposed Rulemaking (NPR) to implement the GENIUS Act concerning stablecoins. The proposal seeks public comment on regulatory frameworks for permitted payment stablecoin issuers, including rules on yield-bearing features and opt-out provisions for state-approved issuers. Comments are due May 1, 2026.

Court Orders Customs to Refund IEEPA Duties to Importers

The Court of International Trade has ordered U.S. Customs and Border Protection (CBP) to refund International Emergency Economic Powers Act (IEEPA) duties to all importers. CBP must liquidate unliquidated entries and reliquidate final entries without these duties.

OFAC Fines Executive $3.77M for Syria Sanctions Violations

The Office of Foreign Assets Control (OFAC) has settled with a real estate executive for $3.77 million for violating U.S. sanctions against Syria. The executive provided managerial services to Syrian real estate companies, which OFAC deemed an 'egregious' violation.

Supreme Court Rules IEEPA Lacks Authority for Reciprocal Tariffs

The Supreme Court ruled in Learning Resources, Inc. v. Trump that the International Emergency Economic Powers Act (IEEPA) does not grant the President authority to impose reciprocal tariffs. This decision impacts an estimated $175 billion in collected tariff revenues, raising questions about potential refunds.