For EU antitrust investigations, a U.S. company cannot rely on U.S. attorney-client privilege to prevent the Commission from demanding U.S.-located documents, particularly communications with in-house counsel. The context is an EU antitrust investigation into Broadcom/VMware’s licensing practices (VMware virtualization-software licensing practices following Broadcom’s 2023 acquisition of VMware, including moving customers from perpetual licenses to subscriptions, bundling VMware products, significant price increase, contractual terms that could increase customer lock-in, restrict interoperability, or make it harder for customers to switch). What happened The...

The US dollar is trading higher against nearly all the currencies. Equity markets are mixed and bond yields are lower alongside oil prices. There are two major developments.  First, the US and Canada trade talks broke down, and the risk is further escalation. Last week, President Trump has granted Canada a three-day grace period from the 50% tariffs on $20 bln of Canadian goods, even those that were protected by the USMCA saying a deal was struck. Canadian Prime Minister...

The European Union has laid the foundations for a new system for health data. After years of political wrangling, the European Health Data Space (“EHDS”) Regulation has now entered into force. This creates a framework to improve access to electronic health data and facilitate its use for research, innovation and regulatory purposes across the EU. For life sciences companies, universities, NHS partners, CROs and technology transfer offices, this is not simply a regulatory change. It has the potential to change...

With highly contested midterm elections less than three months away, investment advisers must be aware of, and pay close attention to, the Securities and Exchange Commission’s (SEC) pay-to-play rule governing their business, SEC Rule 206(4)-5. The rule provides that when investment advisory firms and their covered associates make political contributions to certain candidates, the firms are prohibited from providing services for compensation to the governmental entities that the candidates can control or exert influence over. The rule also prohibits...

ESMA CSA on the risk management function The European Securities and Markets Authority (ESMA) launched a Common Supervisory Action (CSA) on the risk management function of UCITS management companies and alternative investment fund managers (AIFMs) across the European Union. The CSA will be conducted throughout 2026 and 2027, in close collaboration with national competent authorities (NCAs). The objective of the CSA is to assess how market participants comply with key risk–related provisions under the UCITS and AIFMD frameworks. The focus will be on...