On September 3, 2026, the Securities and Exchange Commission (“SEC”) voted to propose rescinding in its entirety Rule 206(4)-5 under the Investment Advisers Act of 1940, the agency’s longstanding “pay-to-play rule” applicable to investment advisers. If finalized, the proposal would
Global Policy Watch
Key Public Policy Developments Around the World
Global Policy Watch, published by Covington & Burling LLP, focuses on international regulatory and policy developments affecting global business and legal environments. The blog covers topics such as data privacy and consumer protection laws, pharmaceutical and biotechnology regulations, digital marketplace liability, and EU policy initiatives on critical raw materials. It addresses legal implications of emerging technologies, cross-border compliance challenges, and evolving standards in advertising and intellectual property. The content is aimed at helping clients understand and navigate complex intersections of law and policy worldwide, with particular attention to regulatory changes in the EU, US, and other key jurisdictions.
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California Passes Bill to Create State Seal for “Non-Ultraprocessed” Foods
On August 28, 2026, the California Legislature unanimously passed Assembly Bill 2244 (AB 2244) to establish a voluntary state certification program for non-ultraprocessed foods (non-UPF). Governor Gavin Newsom has until September 30, 2026, to sign or veto the measure. If…
The Proposed EU Biotech Act: New Biosecurity Rules for Artificial Intelligence and Biotechnology Companies
The global biotechnology landscape is evolving at an unprecedented speed, driven by advances in synthetic biology and genome editing, which, coupled with AI, make biotechnology stand at the forefront of innovation. These developments offer unprecedented opportunities for advancing health and…
The Procedural Puzzle Complicating the Fauci Contempt Referral
As widely reported, the Senate Homeland Security and Governmental Affairs Committee voted to hold Dr. Anthony Fauci in contempt of Congress following his appearance before the Committee in July, where he refused to answer the Committee’s questions by asserting his…
Section 338 Tariffs on Canada Take Effect as Canada Announces Retaliatory Response
Executive Summary
On August 22, 2026, U.S. tariffs of 50 percent imposed under Section 338 of the Tariff Act of 1930 (19 U.S.C. § 1338) took effect against a range of imports from Canada, including chemicals, prepared food and beverages,…
Connecticut Attorney General Settles with TaxAct Over Sharing Taxpayer Data
On August 19, 2026, Connecticut Attorney General William Tong announced a $275,000 settlement with online tax preparation company TaxAct over allegations that the company improperly disclosed taxpayer information to advertising partners through third-party tracking technologies on its website. The Attorney…
ROGON and RRC Sports: The EU’s Top Court vindicates a pragmatic application of the antitrust sporting exemption to players’ agent regulations
Introduction
In the space of just one week, the EU’s top court, the European Court of Justice (“ECJ”), delivered two important judgments that clarify the scope of sport rule-making activities that can benefit from an antitrust exemption: the ROGON judgment…
From Diarra to FIFA’s New Player Transfer System: How EU Law is Reshaping Football’s Transfer Rules and Governance
By Toni Pitesa
For more than twenty years, FIFA’s Regulations on the Status and Transfer of Players (“RSTP”) have sought to balance the stability of football teams with player mobility. That balance was fundamentally challenged by the European Court of Justice (“ECJ” or…
European Defense After the NATO Summit
Executive Summary
There were a few key takeaways from the 2026 NATO Summit in Ankara, where Covington was present:
- Industrial collaboration boost: Introduced a “Front Door for Industry” to streamline engagement and procurement processes.
- “Made in NATO”: Aims to foster
…
FCC Narrows Covered List Definition of “Power Inverters” and Clarifies Meaning of “Foreign-Produced”
Yesterday, following a second National Security Determination from the Department of War (“DoW”), the Federal Communications Commission (“FCC”) clarified the scope of its ban on foreign-produced “power inverters,” a category of devices added to the FCC’s “Covered List” in late…