On Friday, January 16, 2026, the U.S. Court of Appeals for the Fifth Circuit ruled in a 2-1 decision in Sirius Solutions, L.L.L.P. v. Commissioner that state-law limited partners in a partnership may qualify for an exemption from federal self-employment taxes on their distributive share of partnership income, regardless of whether that partner is a passive investor in the partnership or not.

China’s State Administration for Market Regulation (SAMR) recently revised its Provisions on Prohibiting Monopoly Agreements (禁止垄断协议规定) to specify when vertical agreements will be presumed legal under the Chinese Anti-Monopoly Law’s safe harbor provision (the Safe Harbor). This revision, which will take effect on February 1, 2026, provides specific Safe Harbor criteria that distinguish between agreements to fix resale prices or set minimum resale price (i.e., RPM agreements) and all other vertical agreements.

On December 18, 2025, as part of the National Defense Authorization Act for fiscal year 2026, the Holding Foreign Insiders Accountable Act (HFIAA) was signed into law. The HFIAA amends Section 16(a) of the Securities Exchange Act of 1934 to require directors and executive officers of foreign private issuers with a class of equity securities registered under Section 12 of the Exchange Act to comply with the same insider reporting rules that apply to U.S. domestic issuers. Beginning in March 2026, covered FPI insiders must publicly disclose their equity ownership and transactions on the same forms used by U.S. issuers—Forms 3, 4, and 5.