Member News

Member News
11
Feb
Key Takeaways
Today’s middle market has 125,000 businesses, each with revenue of $30 million to $10 billion.
This cohort represents a critical, upscale and profitable element of the $30 trillion U.S. economy.
As the middle market has matured, its operational complexity has increased significantly.
The transformation of the American middle market over the past 20 years is nothing short of remarkable.
What was once a market of 200,000 businesses, each with revenue of $10 million to $1 billion, has consolidated into...
10
Feb
On Dec. 22, 2025, the Federal Communications Commission (FCC) expanded its Covered List, effectively implementing a sweeping ban on the import of new models of drones and critical components produced outside of the United States. The action has a broad scope and applies to all foreign drones and critical components, regardless of country of origin and who seeks to procure them. The FCC subsequently provided clarification on Jan. 7 and 21 regarding the scope of its December decision.
Background
The FCC...
10
Feb
On February 5, 2026, key reforms to the UK’s data protection regime came into force, effectuating a departure from certain aspects of the EU regime and underscoring an emerging divergence between the UK and EU frameworks. These changes introduce new flexibility in areas such as cookie consent, automated decision-making (ADM) and processing of data for scientific research purposes, while raising the bar for compliance in areas such as the handling of data relating to minors.
Key Reforms
As discussed in our...
09
Feb
The U.S. Trade Representative (USTR) recently announced three major trade and economic initiatives that the administration describes as part of a broader strategy to address large and persistent U.S. trade deficits, concerns about reciprocity in bilateral trade relationships, and other unfair trade practices, while deepening economic and national security cooperation and reinforcing Western Hemisphere supply chains. On January 29, a U.S.-El Salvador Framework for an Agreement on Reciprocal Trade was announced, which includes commitments to improve market access, regulatory...
06
Feb
On January 29, 2026, President Donald Trump issued Executive Order 14380 to impose an additional ad valorem duty on goods from countries that directly or indirectly sell or otherwise provide oil—that is, crude oil or petroleum products—to Cuba. Although the executive order, which took effect on January 30, 2026, appears broad in scope, it clarifies that the Secretary of Commerce will determine which countries directly or indirectly sell or otherwise provide oil to Cuba and convey that information to the Secretary of State,...
06
Feb
Uncertainty is baked into the 2026 outlook for retail, which remains one of the most disrupted industries. For all the predictions over how the industry will change, a state of permacrisis makes it challenging to act decisively—no one knows where tariff policy or geopolitical conflict will land months from now—but retailers cannot wait for the next shoe to drop.
Many pundits and prognosticators make bold and often binary predictions for the retail market ahead. Our point of view is that...
06
Feb
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...
05
Feb
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...
Other Chapter News






