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Anchin | Goals, Glory, and Taxes: Foreign Athletes Face U.S. Tax Implications for World Cup 2026

The 2026 FIFA World Cup, taking place this summer across the United States, Canada, and Mexico, will capture global attention with its exciting matches, heated rivalries, and memorable moments. However, the tournament also brings challenges off the field that players have to navigate. While athletes focus on the games at hand, they also work with their advisors to address a complex web of international tax obligations—particularly nonresident players who have the potential to earn income from participation bonuses and other...

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Arendt | ESMA Publishes Results of Common Supervisory Action on MiFID II Sustainability Aspects

On 6 May 2026, the European Securities and Markets Authority (ESMA) published a Public Statement presenting the results of its Common Supervisory Action (CSA) on the integration of sustainability into firms' suitability assessments and product governance processes and procedures under MiFID II. Background In October 2023, ESMA launched the CSA with national competent authorities (NCAs) to assess the progress made by investment firms and credit institutions in applying the key sustainability requirements introduced under the MiFID II Delegated Acts (CDR (EU) 2021/1253 and...

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Member News, News, Trade & TTIP Related

Troutman Pepper Locke | Phase One IEEPA Tariff Refunds Are Hitting Bank Accounts: What Importers Should Do Now and Implications for the Secondary Market in Refund Rights

Following the U.S. Supreme Court’s invalidation of the Trump administration’s tariff program under the International Emergency Economic Powers Act (IEEPA), U.S. Customs and Border Protection (CBP) has moved quickly to operationalize what may become one of the largest tariff refund processes in recent history. On April 20, 2026, CBP launched new functionality in the Automated Commercial Environment (ACE) Portal, through the Consolidated Administration and Processing of Entries (CAPE) framework, to support the submission and administration of valid IEEPA tariff refund claims. In CSMS #68536553, CBP also...

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Member News, News, Trade & Tariffs

CLA | IC‑DISCs: Explore the Benefits for Privately Held Manufacturers Who Export

For privately held manufacturers who export, IC‑DISCs are one of the rare tax strategies that are long‑standing and stable. Privately held manufacturers often compete globally while managing a far different set of pressures than large public or private‑equity–backed companies. One way to create a business advantage is tax strategies increasing cash flow and reducing owner-level taxes. One such tax strategy relevant to export‑oriented manufacturers is the Interest Charge - Domestic International Sales Corporation (IC‑DISC), which can generate current-year, permanent tax savings...

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Trepp | Data Center Sector’s Growth Comes with Challenges

The data-center sector's rapid growth is colliding with mounting challenges around power, community opposition, concentration, and underwriting risk. Those were among the key takeaways at last week's Trepp Connect conference hosted by Trepp Inc. in Midtown Manhattan's Rockefeller Center. It's hard to believe that a sector with a 1% vacancy rate and a global inventory that is expected to nearly double in the next five years could be facing so many uncertainties, but they seem to continue to mount. Those uncertainties...

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Member News, News, Trade & TTIP Related

Jaguar Freight | Capacity Crunch

In this week’s Roar: Tariffs back in the news, the April Logistics Manager’s Index, China’s declining air export volumes, tariff refunds on the way, and the cost of AI. A federal trade court (CIT) has ruled that President Trump’s 10% global tariffs were unlawful because they exceeded the authority granted under Section 122 of the Trade Act of 1974. This follows the earlier decision against Trump’s tariffs imposed under emergency powers laws. While the administration is expected to appeal, the ruling currently blocks...

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Member News, News, Trade & TTIP Related

FBT Gibbons | U.S. Court of International Trade Rules Section 122 Tariffs Unlawful: What Importers Need to Know

On May 7, 2026, a divided three-judge panel of the U.S. Court of International Trade (CIT) held that the Trump administration’s temporary 10% global tariffs imposed under Section 122 of the Trade Act of 1974 are “invalid” and “unauthorized by law,” as applied to the plaintiffs before the court (the State of Washington and two private companies). The panel enjoined collection of the Section 122 duties from the plaintiffs but did not extend relief nationwide, meaning other importers may...

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Member News, News, Trade & TTIP Related

Thompson Hine | CIT Panel Strikes Down Trump Administration’s Section 122 Tariffs

In a 2-1 decision, a three-judge U.S. Court of International Trade (CIT) panel struck down May 7, 2025, the Trump administration’s implementation of Section 122 tariffs (see Thompson Hine Update of February 23, 2026). The 10% tariff on a wide range of imported goods, the panel reasoned, extended beyond President Trump’s power to address any “balance-of-payments” deficit, as provided under the statute. The judges, however, declined to block the Section 122 tariff nationwide, limiting their decision to imported goods of certain plaintiffs appearing...

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Bannockburn Capital Markets | US Jobs on Tap after Court Ruled Against Section 122 Tariffs and Conflict in the Middle East

After recovering in the North American afternoon for the second consecutive session yesterday, the dollar has been sold again in Asia and Europe today. The market has mostly shrugged off news of new hostilities in the Middle East. As is often the case, the ceasefire has been frayed but appears to remain intact. Ostensibly, it runs until May 17. Late yesterday, a federal trade court issued a narrow ruling on 2-1 vote to grant a request by a group of...

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Wilson Sonsini | North Korea-Linked Schemes to Obtain Employment in U.S. Tech Companies: What You Need to Know and How to Respond

During the past few years, operatives associated with the Democratic People’s Republic of Korea (North Korea or the DPRK) have reportedly infiltrated hundreds of U.S. companies by fraudulently posing as legitimate remote IT workers. The perpetrators, together with accomplices across multiple jurisdictions (including inside the U.S.), funnel wages back to North Korea in violation of economic sanctions, and in many cases steal company data, source code, and trade secrets. In a smaller subset of cases, after being discovered and...

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