When the federal government reopens after a shutdown, the return to “business as usual” is rarely immediate. Agencies face backlogs, funding adjustments, and operational hurdles that can directly impact companies, contractors, and regulated entities. Below we outline several key issues businesses should anticipate in the days and weeks following a reopening of the federal government.
Continue Reading What to Expect When the Government Reopens: Key Considerations for Businesses
Capping off a highly eventful week in Asia, President Donald J. Trump has further reshaped the landscape of U.S. trade with the Asia-Pacific region through a series of new agreements. This latest round of negotiations includes new reciprocal trade deals and market access commitments across Cambodia, Thailand, Malaysia, Vietnam, China, South Korea, and Japan. Some of these agreements build upon the foundation laid by Executive Order 14346 (Sept. 5, 2025). That order provided for zero percent tariffs on products listed in Annex III, once a qualifying trade deal was announced.[1] With some agreements now in place, Annex III of
Continue Reading Shifts in U.S. Trade in Asia: Key Agreements from President Trump’s October 2025 Asia Trip – Part I: Southeast Asia
As Russian Energy Week concluded last week, Western governments strike to the heart of Russia’s energy sector with sanctions packages to cut of revenue that funds Russia’s continued war against Ukraine. Three significant packages were announced in October 2025: the U.S.’s sanctions targeting the Russian energy sector, the UK’s latest sanctions against the Russian oil industry, and the EU’s 19ᵗʰ package of sanctions.
Continue Reading Striking Russian Oil and The Ripple Effects
Federal enforcement of the False Claims Act (FCA) against healthcare and pharmaceutical companies—especially based on alleged Anti-Kickback Statute (AKS) violations—continues to change, with the Regeneron Pharmaceuticals case at the forefront of recent developments. Recall that in Regeneron, the government alleges that the pharmaceutical company is illegally subsidizing copayments for Medicare beneficiaries by making large donations to third party foundations offering copay assistance to strategically steer patients to its high-cost specialty drug, Eylea, instead of lower-cost alternatives, resulting in alleged FCA liability based on an AKS violation. After the First Circuit held that a FCA plaintiff in an AKS-based FCA case must prove
Continue Reading Regeneron, the False Claims Act, and a New Era in Government Enforcement
On October 17, 2025, the Trump Administration released a significant proclamation imposing new Section 232 duties on medium- and heavy-duty vehicles (MHDVs) (such as trucks); MHDV parts; and buses. These changes further expand tariff coverage over sectors critical to U.S. industrial capacity and national security, and bring a few new complexities to both importers and domestic manufacturers.
Continue Reading Not Only Tariffs on Trucks: Trump Administration’s Proclamation Amends the Tariff Landscape on Automobiles, Steel, and Aluminum
On October 6, 2025, California Governor Gavin Newsom signed AB325, a law targeting the use and distribution of certain algorithmic pricing tools. This law is part of a larger legislative trend to try to rein in algorithmic pricing. But while other bills have focused narrowly on the rental housing market and languished in state legislatures, California’s bill targets pricing algorithms in all markets and will take effect in 2026. However, a violation of the new law requires a conspiracy or price coercion, so as a practical matter, it may not extend the range of violations already encompassed by the Cartwright
Continue Reading California Passes Broad Limits on “Common Pricing Algorithms”
On September 29, the Department of Commerce, Bureau of Industry and Security (BIS) published the public inspection copy of an Interim Final Rule (IFR) amending the Export Administration Regulations (EAR) to extend Entity List, Military End-User (MEU) List, and SDN-related EAR controls under § 744.8 to foreign affiliates[1] owned 50% percent or more (directly or indirectly) by listed entities. The rule will become effective on the date of publication, which is September 29.
Continue Reading Not Your Usual Monday: BIS Adopts 50 Percent Rule for Entity List, MEU List & Related EAR Controls
During the first Trump administration, the Department of Education (the “Department”) focused intensely on universities’ compliance with foreign source gift and contracting under Section 117 of the Higher Education Act (HEA).[i] The Department undertook 19 investigations of major research institutions and interpreted Section 117 to significantly expand both reporting requirements and the diligence expected of universities. Although no new investigations were opened in the Biden administration, Congress and political advocacy organizations continued to collect information and issue reports criticizing universities’ Section 117 compliance. In 2025, the White House issued an Executive Order and Fact Sheet on Section 117 but,
Continue Reading How Universities Can Prepare for the New Higher Education Act Section 117 Investigations
On July 16, 2025, President Trump signed into law the Halt All Lethal Trafficking of Fentanyl Act (HALT Fentanyl Act or the Act), which significantly reformed the 1970 Controlled Substances Act (CSA). The HALT Fentanyl Act permanently reclassifies “fentanyl-related substances” as Schedule I controlled substances. Moreover, the Act simplifies Drug Enforcement Administration (DEA) research registration requirements in several ways, including (1) streamlining research registration processes for Schedule I or II controlled substances registrants performing research involving Schedule I controlled substances under active investigational new drug applications (INDs) or conducted or funded by certain federal agencies, (2) allowing agents or employees
Continue Reading HALT Fentanyl Act: Clarification of the Campus DEA Research Registration
On September 19, 2025, the White House issued a Presidential Proclamation imposing a $100,000 filing fee for certain H-1B workers.
Continue Reading What Employers Need to Know About the New H-1B Executive Order
The Federal Trade Commission (“FTC”) has turned the antitrust lens inward, examining and recommending removal or revision of federal regulations it deems as potential barriers to entry and innovation. In a letter to the Office of Management and Budget (“OMB”) dated September 16, 2025, Chairman Andrew N. Ferguson identified more than 125 regulations that, in his view, restrict entry, entrench incumbents, or otherwise distort competition (the “Ferguson Letter”). The recommendations were issued pursuant to Executive Order 14267, which directs agencies to reduce anticompetitive regulatory barriers.
Continue Reading FTC Recommends Rollback of Anticompetitive Regulations
In SEC v. Sripetch, No. 24-3830, 2025 WL 2525848 (9th Cir. Sept. 3, 2025), the United States Court of Appeals for the Ninth Circuit affirmed a $2.25 million disgorgement award obtained by the United States Securities and Exchange Commission (“SEC”) in an enforcement action, rejecting the argument that the SEC must prove pecuniary harm to investors before obtaining disgorgement under 15 U.S.C. §§ 78u(d)(5) and (d)(7). This decision deepens a split between Circuits that require a showing of pecuniary harm to investors in this context, and those that do not. As it stands now, the First, Fifth and
Continue Reading Ninth Circuit Clarifies SEC Disgorgement Standard, Aligning with the First and Fifth Circuits and Disagreeing with the Second Circuit
The pace of U.S. regulatory changes regarding Syria continues to increase. Building on our previous posts (“Syria-ous Changes for Middle East Business?” and “Unpacking the U-Turn: What the Syria Sanctions Repeal Really Means”), we describe below the recent developments that have resulted in significant easing of export controls.
Continue Reading Keeping an EAR Out for Syria: BIS Reduces Export Controls
In Sneed v. Talphera, Inc., 2025 WL 2406424 (9th Cir. Aug. 20, 2025), the United States Court of Appeals for the Ninth Circuit affirmed the dismissal of a securities fraud suit against Talphera, Inc. (formerly AcelRx Pharmaceuticals; the “Company”) and two top executives, holding that a company slogan used in investor presentations — “Tongue and Done” — was not misleading to reasonable investors, especially in light of accompanying disclosures. This opinion clarifies the interplay between marketing materials, context and the reasonable investor standard for reliance and materiality in claims under Section 10(b) of the Securities Exchange Act of 1934 (“Exchange
Continue Reading Ninth Circuit Affirms Dismissal of Securities Fraud Suit: Marketing Slogan Alone Not Actionable Under Section 10(b) and Rule 10b-5
On September 3, 2025, The Nasdaq Stock Market LLC (Nasdaq) announced proposed changes to its listing standards. According to Nasdaq, these proposed changes respond to the rising complexity and volatility in today’s capital markets, especially in the context of emerging companies and cross-border listings.
Continue Reading Nasdaq Proposes Significant Changes to Initial and Continued Listing Standards
State oversight of healthcare transactions is continuing to undergo a significant transformation. As tracked in our updated Healthcare Merger Matrix, the number of states implementing or considering expanding antitrust laws targeting proposed deals continues to rise.[1] For instance, Washington and Colorado’s premerger notification laws went into effect on July 27 and August 6, 2025, respectively, and Indiana recently modified its existing transaction notice law to exempt certain practitioner-owned practices.[2] Additionally, New Mexico enacted a permanent version of its temporary transaction notification law with enhanced oversight and enforcement.[3]
Continue Reading State Antitrust Enforcement Roundup: Updates to Healthcare Merger Matrix; New Potential Legislation Targeting Private Equity and Other For-Profit Entities in Healthcare