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This presentation will provide an overview of the citizen suit provisions in various environmental statutes, highlight some recent trends, and more.

On December 18, 2025, the Federal Energy Regulatory Commission (“FERC” or the “Commission”) issued an Order directing grid operator PJM Interconnection, L.L.C. (“PJM”) to establish transparent rules to facilitate service of data centers and other large loads co-located with generating facilities.

On 1 January 2026, the Korean Commercial Arbitration Board (KCAB) will bring into force its revised International Arbitration Rules. The new Rules strengthen procedural efficiency, transparency and flexibility, and reflect the broader shift among leading arbitral institutions towards prioritizing procedural efficiency. While the previous 2016 Rules had already positioned KCAB as an increasingly significant venue and institution for cross-border disputes, the 2026 update signals a further step towards global best practice.

On December 19, 2025, the IRS delivered a little holiday cheer in the form of IRS notice 2026-01 (the “45Q Safe Harbor Notice”), which addressed uncertainty created by the Environmental Protection Agency’s (“EPA”) announcement to amend the Greenhouse Gas Reporting Program (“GHGRP”) and remove program obligations for most source categories, including reporting obligations under subpart RR of 40 CFR part 98 (“Subpart RR”).

In a significant order addressing the rate design and regulatory compliance obligations of intrastate pipelines providing interstate transportation service under Section 311 of the Natural Gas Policy Act of 1978 (“NGPA”), the Federal Energy Regulatory Commission (“FERC” or the “Commission”) has clarified the application of the Straight-Fixed Variable (“SFV”) rate design methodology and minimum rate requirements applicable to pipelines offering service under NGPA Section 311.

Effective shareholder engagement is a business imperative. Companies that do it well are more likely than others to build investor trust, anticipate investor expectations, protect against activism, and earn support for long-term strategy.

On December 12, 2025, the United States Department of the Treasury (“Treasury”) and the Internal Revenue Service released final regulations (the “Final Regulations”) under Section 892 of the Internal Revenue Code of 1986, as amended (the “Code”).

On November 17, 2025, the U.S. Supreme Court declined to hear a challenge to the Second Circuit’s decision affirming that Avianca Holdings S.A. (“Avianca”) was required to pay in full certain fixed-schedule obligations related to brokers’ commissions under unexpired aircraft leases which came due during Avianca’s chapter 11 bankruptcy process (the “Chapter 11 Cases”). The Second Circuit’s February 3, 2025 decision held that fixed-schedule payments under personal property leases that came due more than 60 days after the bankruptcy petition date but before the leases were assumed or rejected in bankruptcy were entitled to priority administrative expense treatment under 11 U.S.C. § 365(d)(5).¹ Through this decision, the Second Circuit adopted the “billing date” approach to determining when obligations under such leases arise, which in turn affects the priority that such payments receive under chapter 11 of the Bankruptcy Code and the amount that claimholders may recover.

On December 12, 2025, the United States Treasury Department and the Internal Revenue Service (the “IRS”) issued proposed regulations (REG-101952-24) under Section 892 of the Internal Revenue Code of 1986, as amended (the “Code”), that would materially narrow the exemption for foreign governments from U.S. income tax on certain investment income.

On December 11, 2025, President Trump issued an Executive Order (the “Order”) addressing the relationship between federal artificial intelligence policy and state-level AI regulation.

Partner Kathy Pakenham is speaking at the ABA’s 2025 Criminal Tax Fraud and Tax Controversy Conference on Saturday, December 13 at 8:45 a.m. PST.

On December 11, 2025, President Donald J. Trump signed an executive order titled “Protecting American Investors from Foreign-Owned and Politically-Motivated Proxy Advisors.”