As the 2026 proxy season approaches its midpoint, the early data confirm rather than reverse the structural shifts that defined 2025. Shareholder activism remains a feature of the public markets that virtually every issuer must confront, whatever its size, maturity, reputation, or governance profile. So far in 2026, activists have launched more campaigns than
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Antitrust Review Episode 66: In Conversation with Guillaume Loriot at GCR Live: Europe
In the latest episode of Cleary Gottlieb’s Antitrust Review podcast, host Nick Levy is joined by Guillaume Loriot, the EC’s Head of Mergers at GCR Live: Europe. Their conversation covers an array of topics, including the EC’s Draft Merger Guidelines, the Draghi Report, the jurisdictional scope of EU merger control, the role of innovation, international…
Department of Defense Adds Major Technology, Automotive, and Biotechnology Firms to 1260H Chinese Military Companies List
For more insights and analysis from Cleary lawyers on policy and regulatory developments from a legal perspective, visit What to Expect From a Second Trump Administration.
On June 8, 2026, the U.S. Department of Defense (DOD) published an updated list of “Chinese military companies” operating in the United States as required by Section 1260H…
Antitrust Review Episode 65: In Conversation With Andreas Mundt
In the latest episode of Cleary Gottlieb’s Antitrust Review podcast, host Nick Levy is joined by Andreas Mundt, President of the German Federal Cartel Office. Their conversation covers a wide array of topics, including the objectives of competition law, the Draghi Report, merger control, antitrust enforcement, digital regulation, international cooperation, and much more.
Listen below,…
Dutch Government Blocks Kyndryl’s Acquisition of Solvinity in First-Ever Telecom FDI Prohibition
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. …
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…