On 7 January 2025, President Donald Trump issued an executive order (EO) aimed at limiting and preventing certain large defense contractors from conducting stock buybacks, issuing dividends, and awarding executive...more
On January 7, 2026, President Donald Trump issued a new executive order (EO) aimed at realigning defense contractors’ incentives to prioritize domestic investment, timely delivery and quality over investor returns....more
President Donald Trump issued an executive order on January 7, 2026 that imposes obligations on US defense industrial base government contractors, including immediately prohibiting any “major defense contractor” from...more
On January 7, 2026, President Trump issued a new executive order, “Prioritizing the Warfighter in Defense Contracting” (the “EO”), which states that “[a]fter years of misplaced priorities, traditional defense contractors have...more
What: On January 7, 2026, President Trump issued an Executive Order “Prioritizing the Warfighter in Defense Contracting,” aimed at increasing production of critical defense weapons, supplies, and equipment. The EO was...more
On January 7, 2026, President Trump issued an executive order (EO) and fact sheet that, if fully implemented, will impose consequences on federal defense contractors determined to be "underperforming" or not in compliance...more
In December 2025, there were three Rule 2.7 announcements made across the UK public M&A market and three further possible offers announced. Firm Offers announced this month: • Recommended cash offer by Luke Johnson and...more
On 2 December 2025, the Takeover Panel published amendments to the Takeover Code following consultation earlier in the year (for more information, see the August edition of this newsletter) related to the application of the...more
On November 21, 2025, the Department of the Treasury (“Treasury”) and the Internal Revenue Service (“IRS”) issued final regulations (the “Final Regulations”) under Section 4501, which imposes a 1% excise tax on certain...more
Taxpayers who paid the stock repurchase excise tax based on prior guidance provided in Notice 2023-2 and the proposed regulations under Internal Revenue Code (IRC) § 4501 may be entitled to a refund based on changes made in...more
On November 24, 2025, the US Department of the Treasury and the IRS issued final regulations on Section 4501, which imposes a 1% excise tax on certain repurchases of stock of publicly traded corporations and “economically...more
Welcome to this week’s edition of Tax Bytes. Our team of tax lawyers is actively monitoring for federal and international tax developments and issues of note. Each week we pull together the items we deem most important to...more
Following consultation earlier this year, the Takeover Panel has published a response statement adopting amendments to the Takeover Code concerning dual class share structures (DCSS), IPOs, and share buybacks. ...more
The U.S. government has issued final regulations significantly limiting the situations where a corporation will be liable for the 1% corporate stock buyback tax applicable to public companies. The Situation: Taxpayers...more
On November 21, 2025, the U.S. Treasury Department (“Treasury”) and the Internal Revenue Service (the “Service”) released final regulations under section 4501 of the Internal Revenue Code of 1986, as amended (the “Code,” and...more
The repurchase of a company’s own shares (so called, share buyback) is a transaction in which a company acquires its own share capital, either directly or through its subsidiaries....more
FAITS DE L’AFFAIRE EXAMINÉE PAR LE COMITÉ ( AFFAIRE N° 2024 -36 EURL M. XA) - M. XA est associé unique et gérant de l’EURL XA, constituée le 20 décembre 1990....more
FCA Proposes to Relax Disclosure Requirements for Share Buybacks - On 10 September 2025, the FCA published its quarterly consultation paper No.49, which proposed (among other things) amendments to its UK Listing Rules...more
Welcome to the Corporate Briefing, where we review the latest developments in UK corporate law that you need to know about. In this month’s issue we discuss...more
On 7 August 2025, the FCA published its review of share buybacks in UK listed equities, which analysed data on share buybacks executed for FTSE 350 issuers, as well as feedback from banks, issuers, investor representatives,...more
On 15 July 2025, the FCA published PS25/9 and PS25/10 outlining its final rules for the new Public Offers and Admissions to Trading regime, which will supersede the existing UK Prospectus Regulation from 19 January 2026....more
The Takeover Panel has published a consultation paper on dual class share structures, IPOs and share buybacks. The proposed amendments to the Takeover Code clarify how the mandatory offer requirements apply to a company with...more
On May 23, 2025, in a significant decision with implications for future short-swing trading claims, the United States Court of Appeals for the Second Circuit Court affirmed two district court decisions holding that a...more
On 7 May 2025, the European Securities and Markets Authority (ESMA) published its Final Report on, among other things, technical advice concerning EU Market Abuse Regulation (MAR) provisions that have been amended pursuant to...more
The PLF 2025, definitively adopted by the Senate on 6 February 2025 following a months-long process, is currently being examined by the French Constitutional Council....more