On 9 July 2025, the European Parliament (EP) adopted a resolution pressing for sweeping reforms in the e-commerce and imports sector, with a focus on consumer protection, product regulation, and unfair competition.1 The resolution sets out a series of measures, including calling for the swift implementation of the Digital Product Passport (DPP), strengthened customs enforcement through reform of the Union Customs Code (UCC), and the removal of the EUR 150 customs duty exemption for low-value consignments. The resolution will now be put submitted to the European Council and the European Commission for consideration.

The One Big Beautiful Bill Act makes three major changes to the interest deduction limitation provision of §163(j). Pub. L. No. 119-21, §70303, §70341 (July 4, 2025), applicable to taxable years beginning after December 31, 2024. This article reviews the three changes and then focuses on the new rule for capitalized interest.

The Financial Conduct Authority (FCA) has published a policy statement (PS25/9: New rules for the public offers and admissions to trading regime) under which it sets out the rules for the new regime that will apply in respect of prospectuses. This follows the consultation process the FCA undertook via the previous publication of consultation papers CP 25/2 and CP 24/12. The Public Offers and Admissions to Trading Regulations 2024 (POATRs) will replace the UK Prospectus Regulation (UKPR). The POATRs are generally in line with the proposals consulted on, with some modifications to reflect feedback from market participants. The new rules will come into effect on 19 January 2026.

For the first time, the European Commission completed an investigation under the International Procurement Instrument (IPI) and implemented measures to limit the participation of economic operators from non-EU countries – in this particular case, China – in the EU public procurement market. After EU suppliers of medical devices have arguably been denied fair access to Chinese government contract opportunities for years, the EU has now responded with Implementing Regulation (EU) 2025/1197 that requires contracting authorities/entities in all EU member states to exclude Chinese suppliers – and to a certain extent products manufactured in China – from larger public procurement contracts for medical devices.

On July 4, 2025, the One Big, Beautiful Bill Act was signed into law, making important changes to the Internal Revenue Code. The Act has implications for US and non-US companies and their domestic and international transactions, capital investment, and research and development activities, amongst other areas, which carry significant weight for the cryptocurrency/digital asset industry. From cryptocurrency exchanges, payment processors, asset managers and cryptocurrency funds to mining companies, token issuers, custodians, and centralized or decentralized lending platforms, the Act’s provisions reshape the tax landscape in ways that demand close attention.

China has introduced a new tax reporting regime requiring internet platforms—both domestic and overseas—to regularly report tax-related information to Chinese authorities. This move, under State Council Decree No. 810 and STA Bulletin [2025] No. 15, aims to close tax loopholes and enforce compliance. Platforms must now implement robust systems to meet these obligations, with significant implications for data privacy and cross-border data transfers.

In recent years, the European Union has intensified its efforts to combat the abusive use of corporate structures lacking real substance, particularly in the tax domain. In this context, the ATAD III Directive proposal emerged, aimed at limiting the tax benefits of so-called “shell companies”. Although its implementation would have significantly impacted holding entities such as Spanish ETVEs, the project was ultimately abandoned in June 2025. This document analyzes the scope of the proposal, its implications, and current recommendations for groups with international structures.

The Department of Justice’s Antitrust Division, in partnership with the U.S. Postal Service, has launched a Whistleblower Rewards Program to combat antitrust crimes. Following the DOJ Criminal Division’s launch of a whistleblower pilot program last year,1 the Antitrust Division is now offering a reward to whistleblowers. Under the new program, individuals who report credible and timely evidence of antitrust collusion—such as price-fixing or bid-rigging and certain monopolization cases—may receive up to 30% of recovered criminal fines. This marks a significant step in expanding detection tools for antitrust violations, with reports to be submitted through a dedicated DOJ webpage.

In brief On 16 June 2025, the Council of the European Union and the European Parliament reached a political agreement on a new regulation introducing additional procedural rules for the enforcement of the General Data Protection Regulation (GDPR) in cross-border matters (“Regulation”). The new Regulation seeks to fix the delays and inconsistencies…

Our global panel discussed how authorities are stepping up antitrust enforcement, the challenges of managing cross-border investigations, and what effective compliance looks like in 2025. Authorities are increasingly proactive and coordinated, using AI and data scraping to detect infringements such as bid rigging, price signalling, parallel pricing, and suspicious labour…