The European Commission has published draft guidelines (Draft Guidelines) to clarify the classification of high-risk AI systems under the European Union's Artificial Intelligence Act (EU AI Act). This classification is crucial, as it determines whether an AI system will be subject to the EU AI Act’s most burdensome obligations. The Draft Guidelines provide general principles which inform if an AI system is high-risk, as well as a non-exhaustive list of examples of high-risk AI systems across various sectors. Organizations can provide...

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In brief What happened? On 18 May 2026 the OECD released a ‘common understanding’ of jurisdictions that implemented a QIIR and/or QDMTT for the 2024 reporting fiscal year, aiming to mitigate the impact of potential delays in the availability of fully operational GloBE Information Return (GIR) filing portals or exchange relationships for the Global Minimum Tax. Separately, the OECD/G20 Inclusive Framework on BEPS released agreed administrative guidance on the transitional UTPR safe harbour for certain 52/53-week fiscal year multinational enterprise (MNE)...

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Key Points The Investing in All of America Act of 2025 (the Act) increases standard debenture Small Business Investment Company (SBIC) base leverage caps to $250 million per fund and $475 million per family of funds. The Act expands SBIC bonus leverage by allowing a dollar-for-dollar exclusion for a broader set of qualifying investments, including rural small businesses, critical technologies, small manufacturers, and low-income areas, up to the lesser of 50% of private capital or $125 million. The Act...

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The proposal would allow fintechs, stablecoin issuers and other non-bank institutions to clear and settle payments directly through the Federal Reserve. Key Points Federal Reserve Payment Account proposal: fast-track access for fintechs, stablecoin issuers and nonbanks to Fedwire, FedNow, and NSS for direct clearing and settlement without banks. “Skinny” account design: no FedACH, no discount window, no interest; balance caps up to $1B; ~90‑day review timeline; reduced reliance on correspondent banking. Regulatory impact: BSA/AML and OFAC oversight, stablecoin reserve use, tokenized asset settlement,...

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AI’s overhaul of the tech industry will leave no stone unturned, and the AdTech sector is feeling the effects. AI, connected TV (CTV), and privacy-safe open-web buying are now table stakes, not differentiators. But as they converge within the advertising ecosystem, not every company is utilizing these tools to drive actual value. According to our analysis, nearly one in three U.S. digital ad dollars will go to CTV and premium online video this year, an increase from 27% in 2025 (per...

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The ambition is undeniable, but will the final rules live up to it? Europe has the talent but it lacks the framework. The Draghi and Letta reports, two of the most influential diagnoses of European competitiveness in recent years, identified the issue. So did Atomico's State of European Tech 2025 report: regulatory fragmentation acts as an invisible tariff on growth. A founder in California incorporates once and operates across a market of 340 million people. A founder in Barcelona, Warsaw...

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