The One Big Beautiful Bill Act (OBBBA), enacted in July 2025, is no longer a policy debate or a future concern. It is already changing how coverage works, how Medicaid dollars flow, and how much operational friction health systems will face over the next several years.
Continue Reading The OBBBA Is Here: What Health System Leaders Should Be Focused on Now
Last week, the U.S. Food and Drug Administration (“FDA”) rung in the new year with a flurry of device-related activity, updating two final guidance documents and withdrawing a guidance published back in 2017. The two final guidance documents released on January 6, 2026 pertain to (1) General Wellness Devices and (2) Clinical Decision Support Software, and supersede previous versions of those guidance documents.[1] Then on January 7, 2026, FDA withdrew its guidance entitled “Software as a Medical Device (SAMD): Clinical Evaluation.”[2]
Continue Reading “Deregulation” on the Menu: Big Changes for Wellness and CDS Technologies
In response to concerns raised by Governor Kathy Hochul and stakeholders in the employment sector regarding ambiguities in the Trapped at Work Act, the New York Legislature has quickly introduced Chapter Amendments (A.9452/S.8822) to clarify and refine the law’s scope and application. Notably, the amendments – introduced on January 6, 2026 – would limit coverage to “employees” and carve out exceptions for tuition repayment agreements and certain non-educational repayment agreements, such as bonuses and relocation payments not tied to specific job performance, provided the employee is not terminated for reasons other than misconduct or the employer misrepresented the job’s duties and requirements. The amendments would also postpone the Act’s effective date from December 19, 2025 to December 19, 2026.
Continue Reading New York Legislature Moves Quickly to Clarify The Trapped at Work Act
J.P. Morgan continues to surprise us at lunch, with the Mayor of San Francisco sharing on Monday an update on recent improvements in the city. Then on Tuesday at the Grand Ballroom lunch, it was the first episode of my favorite new sit-com “Everyone but Abe…”
Continue Reading Day 2 Notes from the 44th Annual J.P. Morgan Healthcare Conference
At the 44th Annual J.P. Morgan Healthcare Conference, Jamie Dimon (CEO of J.P. Morgan) told the audience that we should be teaching healthcare in school from kindergarten to 12th grade. He was right…but we don’t. And, therefore, artificial intelligence will come to dominate the U.S. healthcare system, which spent over $5.6 trillion in 2025. Wait, you might say, how did you jump from kindergarten straight to artificial intelligence (AI)? What’s the connection between healthcare education, rising healthcare costs which put financial pressures on American citizens and employers, and economic transformation?
Continue Reading Notes from Day 1 of the 44th Annual J.P. Morgan Healthcare Conference
Annual Reporting on ISO/ESPP Transactions
As originally discussed in our December 16, 2010 blog article, the IRS issued final regulations in 2009 under Section 6039 of the Internal Revenue Code (the “Code”) that require employers to annually furnish each employee who exercised incentive stock options (“ISOs”) or sold or otherwise transferred shares acquired under an employee stock purchase plan (“ESPP”) during a year with a detailed information statement by January 31 of the following year. In addition, employers must generally file an information return with the IRS by February 28 of the following year, or by March 31 for employers filing electronically. These due dates are delayed until the next business day if they otherwise fall on a weekend.
Continue Reading Reminder about Annual ISO/ESPP Reporting in January 2026
The Securities and Exchange Commission (“SEC”) has issued a no-action letter to the Depository Trust Company (“DTC”) in connection with the registered clearing agency’s pilot blockchain-based securities tokenization program. A no-action letter is a document issued by the SEC in response to a request from an individual or entity seeking confirmation that their planned activities do not constitute a violation of federal securities laws. The DTC’s program enables the tokenization of entitlements to certain eligible securities held by investors through the DTC. Investors opting into the program are able to utilize pre-approved blockchains and registered wallets to hold their tokenized securities entitlements and transfer them among other program participants. The plan also permits “de-tokenization” whereby the tokenized entitlement is reverted to a standard book entry with the DTC. The SEC’s blessing for the plan represents a significant step towards moving markets “on-chain.”
Continue Reading SEC No-Action Letter Paves Way for Tokenization of Securities
Annual Reporting on ISO/ESPP Transactions
As originally discussed in our December 16, 2010 blog article, the IRS issued final regulations in 2009 under Section 6039 of the Internal Revenue Code (the “Code”) that require employers to annually furnish each employee who exercised incentive stock options (“ISOs”) or sold or otherwise transferred shares acquired under an employee stock purchase plan (“ESPP”) during a year with a detailed information statement by January 31 of the following year. In addition, employers must generally file an information return with the IRS by February 28 of the following year, or by March 31 for employers filing electronically. These due dates are delayed until the next business day if they otherwise fall on a weekend.
Continue Reading Reminder about Annual ISO/ESPP Reporting in January 2026
This case addresses whether the district court abused its discretion in awarding attorneys’ fees to Google under 35 U.S.C. § 285 after deeming EscapeX’s suit “exceptional,” denying EscapeX’s Rule 59(e) motion to amend the fee judgment based on purported “newly discovered evidence,” and imposing additional fees against EscapeX and its counsel, under 28 U.S.C. § 1927 for filing a frivolous post-judgment motion.
On December 18, 2025, the Holding Foreign Insiders Accountable Act (“HFIAA”) was enacted as part of the FY 2026 National Defense Authorization Act. This new law amends Section 16(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), 15 U.S.C. § 78p(a), by extending insider reporting requirements to directors and officers of foreign private issuers (as such term is defined under the Exchange Act[1]) (“FPIs”), ending the exemption for directors and officers of FPIs from Section 16(a) reporting requirements. As a result, these individuals will now be required to disclose publicly their ownership of, and transactions in, securities of FPIs on Forms 3, 4 and 5, thus mirroring the obligations that insiders of domestic companies have under the Exchange Act.
On December 19, 2025, Governor Kathy Hochul signed the Trapped at Work Act (the “Act”), introducing sweeping new restrictions on certain employment-related repayment agreements. Effective immediately, the Act prohibits employers from requiring any worker or prospective worker to sign agreements that obligate the individual to repay moneys paid by the employer if the worker leaves before a designated period. These agreements – commonly referred to as “stay-or-pay” agreements – are now deemed unconscionable, contrary to public policy, and unenforceable under New York law.
On December 11, 2025, President Trump signed an Executive Order titled Ensuring a National Policy Framework for Artificial Intelligence (the “EO”). This EO targets state laws addressing artificial intelligence and creates potential compliance issues employers must carefully navigate.
Continue Reading What Employers Should Know About President Trump’s AI Executive Order
On January 7, 2026, President Trump issued a new executive order, “Prioritizing the Warfighter in Defense Contracting” (the “EO”), which states that “[a]fter years of misplaced priorities, traditional defense contractors have been incentivized to prioritize investor returns over the Nation’s warfighters.” The EO aims to realign these priorities by restricting defense contractors deemed “underperforming” from engaging in stock buybacks and paying shareholder dividends “at the expense of accelerated procurement and increased production capacity.” It also directs rapid review, remediation, and enforcement measures it hopes will accelerate production and prioritize warfighter needs. Below we provide an overview of the EO, and outline key takeaways, and enforcement risks for potentially affected contractors.
On March 15, 2026, certain providers of commercial financing must submit an annual Commercial Financing Annual Report to the California Department of Financial Protection and Innovation pursuant to the California Consumer Financial Protection Law. The reporting requirement applies to entities engaged in offering or providing commercial financing or other financial products or services to small businesses, nonprofits, or family farms whose activities are principally directed or managed from California.
On December 30, Baltimore Mayor Brandon M. Scott announced that the City of Baltimore filed a civil action against a fintech provider offering small-dollar cash advance products, alleging violations of the Baltimore Consumer Protection Ordinance. According to the City, the fintech’s cash-advance product that was promoted as an earned wage access or overdraft-style service but allegedly imposed costs that far exceeded Maryland’s 33 percent interest-rate cap for consumer loans.
Continue Reading Baltimore Sues Fintech for Alleged Unfair and Deceptive Cash-Advance Practices
On December 30, the U.S. District Court for the District of Columbia ordered that the CFPB must continue requesting funding from the Board of Governors of the Federal Reserve System under the statutory funding framework established by Congress. The Court ruled that the CFPB may not decline to request funding based on its interpretation of the Federal Reserve’s operating losses or an asserted lack of available “combined earnings.” (previously discussed here).