The Council of Ministers has approved the Draft Organic Law on Public Integrity, a wide ranging legislative initiative designed to prevent corruption—understood in a broad and comprehensive sense—and to strengthen the mechanisms for its detection, investigation, and sanctioning across both the public and private sectors.
The New York LLC Transparency Act became effective as of 1 January 2026. Although there was previously uncertainty regarding the definition of a “reporting company” under the Act, on 31 December 2025, the New York Department of State confirmed that the Act is only applicable to limited liability companies formed outside the US that are authorized to do business in New York State.
On 16 December 2025, the House of Lords resolved the final point of dispute in the Employment Rights Bill – whether the cap on unfair dismissal should be removed – paving the way for Royal Assent before Christmas.
The Bill introduces sweeping employment law reforms, including new provisions on strikes and trade unions, enhanced protective awards for collective redundancies, and restrictions on fire-and-rehire practices. It also reduces the qualifying period for unfair dismissal claims to six months from January 2027, although the timing for removing the compensation cap remains uncertain.
Implementation will be phased through 2026 and 2027, supported by over 20 consultations and secondary legislation following Royal Assent.
The EU has finalized measures to simplify and delay the application of key sustainability regulations, providing businesses with greater clarity and planning certainty. The changes follow the Omnibus package introduced earlier in 2025 and include amendments to the Corporate Sustainability Reporting Directive (CSRD), Corporate Sustainability Due Diligence Directive (CSDDD), and related frameworks. The EU Parliament approved the amendments, and EFRAG released revised European Sustainability Reporting Standards (ESRS) to streamline reporting obligations. Updates to the EU Taxonomy, adopted in July 2025, will apply from January 2026, and targeted simplifications and delays to the EU Deforestation Regulation (EUDR) were also endorsed.
In brief President Trump has issued an Executive Order (the Order) directing the Department of Justice (DOJ) and…
On 30 November 2025, Canada introduced the Consumer-Driven Banking Act (CDBA) as part of Bill C-15, establishing a federal framework for open banking.
The CDBA aims to enhance consumer control over financial data by creating a secure system for data sharing among accredited entities. It designates the Bank of Canada as the supervisory authority, sets accreditation and security standards, and mandates clear consent requirements. The Act also introduces liability protections, complaint mechanisms, and enforcement measures, including penalties of up to CAD 10 million. Implementation is expected in early 2026 following supporting regulations.
On 4 December 2025, the European Commission introduced the Market Integration & Supervision (MIS) Package to strengthen EU financial market integration.
Key points:
• Direct ESMA oversight of major financial entities and cryptoasset service providers.
• Harmonized rules by converting key directives into regulations for consistent application.
• Goal: Improve market integrity, investor protection, and reduce fragmentation.
Implementation will take several years, with no immediate changes expected.
On 16 December 2025, the Internal Revenue Service (IRS) issued two Notices addressing reporting obligations for tips and overtime under the Overtime and Bonus-Based Benefits Act (OBBBA).
The guidance provides transition relief for 2025, recognizing that employers and payors may not have updated systems or forms to comply with new requirements. It also explains how taxpayers can calculate deductions for tips and overtime when employer reporting is unavailable.
In addition, the notices signal future mandatory reporting obligations, indicating that structured compliance processes will be introduced in subsequent years.
On 9 December 2025, the European Parliament and Council agreed on the EU Deforestation Regulation (EUDR), which aims to prevent products linked to deforestation from entering or leaving the EU market.
The Regulation introduces a due diligence system requiring operators and traders to ensure products are “deforestation-free,” provide geolocation data, and submit compliance statements. Non-compliance may result in fines of up to 4% of EU turnover. The main obligations will apply from 30 December 2024.
On 10 December 2025, the IRS and Treasury announced forthcoming proposed regulations to address the sourcing of borrow fees in securities lending and sale-repurchase transactions. The proposed rules will source borrow fees to the residence of the recipient, generally exempting non-US securities lenders from US withholding tax.
The guidance applies to transactions documented under standard industry agreements and defines borrow fees broadly, including negative rebates, while excluding bespoke arrangements.
Taxpayers may rely on the Notice immediately, with the regulations applying prospectively to taxable years ending after publication in the Federal Register