What happened? Congress preserved the pathways for exempt organizations (EOs) to access and monetize clean energy tax credits across a broad set of technologies and structures. Changes made by the One Big Beautiful Bill Act (OBBBA) place greater emphasis on eligibility and documentation diligence requirements, including restrictions related to prohibited foreign entities (PFEs), without disrupting the direct pay (elective payment) option that allows EOs to treat applicable credits as refundable overpayments when properly elected on timely filed returns. Why is it important? EOs remain eligible to fully participate in clean energy...

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On 21 January 2026, the proposal for the Digital Networks Act (DNA) was adopted. It aims to create a harmonised regulation, reducing fragmentation in the EU’s national markets and thus laying the groundwork for a stronger digital infrastructure that fosters innovation and competition.   At a time when the EU’s competitiveness in the communication and technology sectors is being questioned due to heavy regulation, the EU Commission’s recent proposal for a regulation on digital networks (Digital Networks Act or DNA) aims...

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The US dollar is enjoying a firmer tone today against most of the G10 currencies. The consolidative/corrective tone continues. The European Central Bank and the Bank of England meeting outcomes are awaited. Neither central bank will do anything, giving the commentary extra sway.  The bar to another ECB rate cut seems high, though headline inflation is below target. The Bank of England, on the other hand, is likely to cut rates at least once this year, but may not want...

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Nadia Calviño, president of the European Investment Bank (EIB) Group, presented the 2025 annual results at a press conference in Brussels on 29 January, 2026.   Good morning, and thank you for being here today. I know it's a very busy day in Brussels with the European Union foreign ministers meeting next door. There's a meeting of the College of Commissioners also today, and later a high-level event under the auspices of the European Commission's Executive Vice-president Ribera. And important discussions and decisions will be...

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With less than six months before the EU Pay Transparency Directive 2023/970 deadline of 7 June 2026, no member state has yet published a completed piece of legislation. Employers can expect an increase in updates at the member state level in the next few months. Those that do not stay up to date with regulatory developments and evaluate their current practices risk noncompliance.   Quick Hits Despite the EU Pay Transparency Directive having entered into force in June 2023, giving member states three years to...

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With ‘No Buy January’ now behind us, it is a good time to examine the performance of commercial mortgage-backed securities (CMBS) loans against regional and superregional malls; not that anyone one month would severely impact the performance. Malls were designed and built around their anchors. The idea: draw shoppers and line the way to the large anchor store with smaller, inline retailers. Those would generate the bulk of malls' rental revenue. CMBS Mall Loan Distress, But Not a Collapse  The $53.23 billion universe...

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The U.S. Securities and Exchange Commission staff issued a joint statement on Jan. 28, 2026, providing greater clarity on the application of the federal securities laws to the category of crypto assets commonly referred to as tokenized securities. The staff introduced the statement as guidance on the taxonomies of tokenized securities to assist market participants in complying with federal securities laws and preparing registration statements, proposals, or requests for submission to the staff or the SEC. The statement generally categorizes...

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Nadia Calviño, president of the European Investment Bank (EIB) Group, spoke at the European Banking Summit in Brussels, on 28 January, 2026. Thank you, Wim, for your kind words, and for this invitation to share a few thoughts on the main theme of this summit - how European banks can support growth, innovation and security. There are three reasons that I really feel at home discussing this topic here today: First of all, because these goals are at the core of the EIB Group’s investment strategy....

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Welcome to the latest, bumper, edition of the Stephenson Harwood Data and Cyber Update, covering the key developments in data protection and cyber security law during both December 2025 and January 2026. In data regulation news, the European Commission and Brazil adopt mutual adequacy decisions; the UK Information Commissioner’s Office (“ICO”) provides a series of updates for the year ahead; and new Commencement Regulations set the commencement date for Section 138 of the Data (Use and Access) Act 2025 (the “DUAA”). In...

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