On 23 April 2026, the Council of the EU published final compromise texts of the legislative proposals for a Third Payment Services Directive (PSD 3) and Payment Services Regulation (PSR). On 23 April 2026, the Council of the EU published final compromise texts of the legislative proposals for a Third Payment Services Directive (PSD 3) and Payment Services Regulation (PSR) (see the final compromise texts here and here). The release of the texts now provide welcome certainty after months of anticipation since it...

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Ahead of the expiration of the previous antitrust rules governing the transfer of technology rights (such as know-how, patents and various other rights) at the end of April, the European Commission (“Commission”) has published final versions of a new Technology Transfer Block Exemption Regulation (“TTBER”) and new Technology Transfer Guidelines (“Guidelines”). These final versions follow the publication of draft versions of both documents in September 2025 for public consultation. The new TTBER and Guidelines will come into force on 1 May 2026 and expire after 12...

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For the first time in more than 10 years, U.S. Immigration and Customs Enforcement (ICE) has updated its Form I‑9 inspection guidance on “technical” and “substantive” violations by publishing a Fact Sheet indicating that many errors that were previously treated as technical, i.e., curable within a 10-business‑day window in the event of an audit, will now be categorized as substantive violations subject to immediate penalty without the opportunity to correct them. More Errors Now Count as Substantive Violations ICE now treats a range of common, previously “technical” mistakes...

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Last week's large bank earnings were strong, but questions remain about whether that strength extends to broader credit conditions. Here are three things to watch for this week: FOMC Meeting With no policy change expected, the April FOMC meeting will be watched for how officials frame the mix of sticky inflation, energy-price risk, and softer sentiment. The key question is whether Powell’s communication reinforces the current expectation that rates remain on hold for now, or whether the press conference shifts attention...

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The global capital markets will enter May with a sense of transition rather than resolution. Neither the Federal Reserve, nor the European Central Bank or the Bank of Japan meet in the month ahead. The market is inclined to see the third consecutive hike by the Reserve Bank of Australia but the other G10 central banks that meet in May, Norway's Norges Bank and Sweden's Riksbank are mostly likely to stand pat.  The aggressive tightening cycle that investors had penciled...

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EIB Group Boards approve €2 billion to reinforce Europe’s energy autonomy. Focus on renewables, energy savings and grid upgrades. European Investment Fund unlocks more financing for Europe’s tech leadership and competitiveness. The Boards of the European Investment Bank (EIB) Group approved a total of €10 billion in financing, including almost €2 billion for initiatives to expand Europe’s clean energy investments, ensure affordability and bolster competitiveness. The Board of the EIB endorsed loans to support the production of offshore wind power...

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Economic substance doctrine affirmed; integrated M&A plans face heightened risk. What the Tenth Circuit’s Liberty Global decision means for M&A tax planning On April 21, 2026, the U.S. Court of Appeals for the Tenth Circuit affirmed the government’s economic substance win in Liberty Global, Inc. v. United States, No. 23-1410. The court held that section 7701(o) applies even when a transaction mechanically complies with the Internal Revenue Code (Code), and that common mergers and acquisitions (M&A) building blocks (i.e., section 351...

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The consumer goods industry is running out of room to hide behind price. By late 2025, category volumes were slipping into decline even as retail sales stayed positive—a clear sign that topline gains are still all price, not product. With inflation pressures intensifying again from rising energy and shipping costs, pricing alone won’t cut it. The next wave of growth will have to come from something harder: winning back consumers through innovation, sharper portfolios, and flawless execution. Why pricing is...

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It started as merely trying out artificial intelligence (AI) tools. Now, more and more employers (and their employees) are relying on AI for their everyday operations, including drafting emails and summaries, screening and ranking applicants, managing employee performance, and answering routine questions. This expanded role has changed AI from a casual acquaintance into a new “co-worker” that can influence employment decisions, outcomes, and experiences. Employers are reviewing AI tools, assessing risks and deciding which tools are authorized in...

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