On May 25, 2026, the Dutch government prohibited Kyndryl’s proposed acquisition of Solvinity, a Dutch company that operates the digital identification platform (DigiD) used by citizens to access Dutch government services. The decision marks the first prohibition under the Dutch telecom foreign direct investment (FDI) regime.
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DOJ to Fast-Track Benefits Fraud Enforcement
On May 27, 2026, the Department of Justice (DOJ) Civil Division announced an accelerated approach to the review of False Claims Act (FCA) qui tam actions concerning fraud involving federally funded, state-administered benefits programs. In making the announcement, Assistant Attorney General Brett Shumate explained that the reforms are designed to empower DOJ to “move quickly…
SEC Proposes Registered Offering Reform: Blue-Sky Preemption a Key Win for Non-Exchange Traded REITs and BDCs
On May 19, 2026, the Securities and Exchange Commission (SEC) proposed amendments in a “Registered Offering Reform” package (the Proposal) that would make it significantly easier for public companies to raise capital through registered offerings of securities. Notably, among other changes, the Proposal would exempt all registered public offerings, including those for non-exchange traded products…
Trump Administration Begins to Implement New Cuba Secondary Sanctions Regime Targeting Business With Cuba
Over the past few weeks, the Trump administration marked the latest phase in its escalation of sanctions against Cuba, the subject of the longest running U.S. sanctions program. On May 1, 2026, President Trump issued Executive Order (E.O.) 14404, establishing a new secondary sanctions regime that authorizes the imposition of sanctions on companies, individuals, and…
Deny With Care: SEC Rescinds Settlement “Gag Rule,” Creating Risks and Opportunities for Settling Defendants
Yesterday, the Securities and Exchange Commission rescinded its so-called “gag rule,” which for fifty years had prohibited a settling defendant from publicly denying the allegations in a settled SEC Enforcement action.[1] The policy shift has received significant media attention, but we believe it will have little effect on the experience of most individuals and…
New Draft EC Merger Guidelines – Learnings & Implications
The European Commission (EC) has published a draft of its long-awaited revision of the Merger Guidelines (Draft Guidelines), combining the 2004 Horizontal Merger Guidelines and 2008 Non-Horizontal Merger Guidelines into a single document that is organized around different theories of harm and endeavors to achieve five principal objectives: (1) to take account of the Draghi…
DoD Proposes Expanding Foreign Ownership Screening Beyond Classified Contracts
On May 7, 2026, the U.S. Department of Defense (DoD) published a proposed rule (the Proposed Rule) that would, for the first time, require companies performing unclassified work for DoD to disclose whether they are subject to foreign ownership, control, or influence (FOCI), a screening process that historically has been required primarily for contractors with…
New SEC Enforcement Director David Woodcock Outlines Enforcement Priorities, Including Focus on Financial Reporting and Private Funds
In his first public remarks, delivered just days into his tenure, SEC Enforcement Division Director David Woodcock announced that he will “provide hands-on leadership” to make sure SEC Enforcement investigators “focus on the fundamentals,” which he defined as “protecting investors and safeguarding markets from real harm.”[1] In announcing his “back-to-basics” approach, Woodcock gave top…
Antitrust Review Episode 64: The EC’s Draft Merger Guidelines
In the latest episode of Cleary Gottlieb’s Antitrust Review podcast, host Nick Levy is joined by a panel of experts to discuss the EC’s draft Merger Guidelines. Sir Philip Lowe, Sir Jonathan Faull, Barbara Moens, Jorge Padilla, Ethel Fonseca, Kirsten Edwards-Warren, Enrique González-Díaz, Anita Magraner Oliver, and Chris Cook discuss a wide array of topics,…
EC Publishes 2025 Competition Policy Report
By Basak Arslan & Daphne Loupa
On May 5, 2026, the European Commission (the Commission) published its 2025 Report on Competition Policy (the Report). The Report highlights initiatives undertaken during Commissioner Ribera’s first year in office and provides an indication of the direction of enforcement in the coming years. Six takeaways may be identified:…