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...

Raising capital in the U.S. can accelerate a startup’s growth, but only with the right preparation. Raising funds in the United States can transform a startup’s trajectory. But scaling in America requires operational and strategic rigor that French entrepreneurs often underestimate. Two experts share their advice. With larger checks, sophisticated investors, and a market more open to innovation, the United States represents a powerful accelerator for French startups. But U.S. expansion is not something that can be improvised. “It’s counterproductive to try...

If the CJEU follows Advocate General Kokott's opinion in the Stellantis case (C-603/24), delivered on 15 January 2026, this will have significant implications for intragroup VAT practices. Background The VAT treatment of transfer pricing (TP) adjustments continues to present difficult challenges, as discussed in our previous newsflash. Two recent rulings (C-808/23 and C-726/23) of the Court of Justice of the EU (CJEU) addressed this issue but did not provide a principled answer on the VAT consequences of TP adjustments. Stellantis: Advocate General proposes VAT treatment for common...

Financing for energy security rose to a record in 2025, with €11.6 billion invested in European grids, and mobilising around a third of the total energy transition investment Biggest ever financing programme for startups, scale-ups and tech infrastructure consolidates EIB Group’s position as cornerstone of EU’s venture capital ecosystem Scope of security and defence investments expanded, financing quadruples to reach nearly 5% of EIB Group’s annual EU business, in milestone year of historic decisions Financing for housing innovation,...

Some U.S. employers are facing a complicated situation: a foreign national employee on a work visa, such as an H-1B, travels abroad for what should be a short trip, with the goal of renewing the visa stamp travel document, only to become stranded due to unforeseen visa processing delays. With some consular appointments being rescheduled several months after the original intended return dates, employers are left in a practical “Catch-22.” This article outlines the primary legal risks and strategic...

Last week’s World Economic Forum in Davos offered a reminder of how markets are increasingly processing political volatility: sharp, event-driven moves followed by relatively quick stabilization. This suggests investors may be growing more conditioned to geopolitical noise in day-to-day pricing, even as uncertainty and tail risks remain elevated. Against that backdrop, here are three things to watch this week. FOMC Communication: How Officials Frame Recent Easing With no policy change expected, the January FOMC meeting will be watched primarily for how...