Law360: A California federal judge on 25 September 2025 preliminarily approved a USD 1.5bn deal Anthropic PBC struck with authors to end their copyright class action against the artificial intelligence developer, with counsel for the plaintiffs calling it a 'historic settlement' that will result in the 'largest copyright recovery of all time'.

NOTE—to see whether notification thresholds in the United States and throughout the world are met, see further: Where to Notify. 1. Have there been any recent developments or noteworthy items in relation to US merger control? Are there any other ‘hot’ merger control issues in the US? Recent developments and key trends in US merger control include: • Changes to HSR Act Framework: on 10 October 2024, the Federal Trade Commission (FTC) announced the final version of proposed changes to the Hart-Scott-Rodino (HSR) Act (HSR Act) rules that came into force on 10 February 2025. These new rules significantly broaden the amount and type of information, documents, and data needed for HSR filings. Many of the changes are targeted at obtaining more information about private equity and financial sponsor entities, officer/director board appointments, existing or potential horizontal or vertical overlaps between the parties, and additional information regarding corporate and transaction structure. The new rules also expand HSR document production requirements. On 12 February 2026, a US federal district court judge

Law360, London: Trade unions representing more than 230,000 US singers and performers cannot overturn secondary legislation that restricts their right to fair royalty payments, as a London court found on 21 January 2026 it lacked the power to decide whether the law violated unincorporated international treaties.

Law360: The Federal Circuit should maintain a pause on a lower court's order blocking President Donald Trump's temporary global tariffs with respect to Washington state and two businesses, the US argued, saying the merits ‘lopsidedly’ favour a stay during the government's appeal.

This Practice Note describes the US laws, regulations and regulators which are most relevant to international issues of debt securities outside the US and covers—(1) Rule 144A, (2) Regulation S, (3) the TEFRA C and D Rules (4) 10b-5 letters, (5) the Securities and Exchange Commission, (6) the Commodity Futures Trading Commission, (7) the registration and reporting requirements for foreign private issuers which issue securities, or desire a secondary public trading market for their securities, in the US, and (8) state securities (blue sky) laws. Introduction The US provisions which are most relevant to international issues of debt securities outside the US are: • the exemptions granted under Rule 144A and Regulation S of the Securities Act of 1933 (the Securities Act), and • US Treasury Regulations section 1.163 5(c)(2)(i)(C) and (D) (TEFRA C and D Rules). The regulatory bodies in the US with most relevance to international securities issues (and to related derivatives transactions) are: • the Securities and Exchange Commission (SEC), and • the Commodity Futures Trading Commission (CFTC) Rule

The Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act) was passed in 2010 in response to the financial crisis. Title VII of the Dodd-Frank Act amends the Commodity Exchange Act (the CEA) and analogous securities laws and provides a comprehensive framework for the regulation of the US derivatives market. Broadly similar legislation was enacted in other major jurisdictions, including Regulation (EU) 648/2012 (EMIR) in the EU and Assimilated Regulation (EU) 648/2012 (UK EMIR) in the UK. The enactment of Title VII of the Dodd-Frank Act was a response to the agreements reached at the 2009 G20 summit in Pittsburgh and the 2010 G20 summit in Toronto on derivatives regulation, including requirements for central clearing of standardised over-the-counter (OTC) derivative contracts and reporting of OTC derivative contracts to trade repositories. The Dodd-Frank Act divides regulatory authority over derivatives between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). The US prudential regulators also have an important role in setting capital and margin requirements for those swap entities that

The principal United States (US) regulators and regulations that govern structured products and securitisations issuing outside of the US are set out below. Regulatory bodies Securities and Exchange Commission (SEC) The SEC is the federal agency which is responsible for the principal securities legislation in the US, including the Securities Exchange Act of 1934, the Securities Act of 1933, the Trust Indenture Act of 1939, the Investment Companies Act of 1940, the Investment Advisers Act of 1940 and the Sarbanes-Oxley Act of 2002. It was established by the 1934 Act after the 1929 Wall Street crash with the role of regulating securities markets and stock exchanges. It has the ability to bring civil actions against those who breach its rules and to mount criminal prosecutions in conjunction with law enforcement agencies. Commodity Futures Trading Commission (CFTC) The CFTC is an independent federal agency that regulates futures and option markets. Its role is to protect market users and the public from fraud, manipulation and abusive practices related to the

MLex: The US has suspended financial contributions to the World Trade Organization (WTO) pending a review on all foreign aid contributions, a US government official said.

Law360, London: European pension funds that have significant unhedged dollar assets could be in trouble, experts warned on 2 May 2025, as unprecedented market volatility was sparked by imposition of US trade tariffs.

Law360: UK businesses might seek to access pension surpluses because of ongoing financial losses caused by US tariffs, a professional services firm has warned.

Law360: Volatility in markets caused by Donald Trump's Liberation Day tariffs has prompted UK pension funds to reassess their long-term US equity allocations, Isio said on 29 August 2025.

MLex: Trump administration moves to dampen US anti-corruption efforts have raised concerns about the potential impact on foreign bribery enforcement in Europe and beyond. The US has helped European prosecutors, including those in the UK and France, recoup billions of dollars in fines in high-profile foreign-bribery cases over the years.