Latham & Watkins LLP

Key points Illinois Senate Bill 315 largely tracks similar frontier AI laws in California and New York, requiring frontier model developers to adopt and publish an AI framework, issue transparency reports, report critical safety incidents, and register with state regulators.

Key POINTS Significant legislation: The law represents the most significant federal restriction on institutional investment in single-family housing in modern US history. General prohibition: Large institutional investors — entities with investment control of 350 or more single-family homes — are prohibited from purchasing single-family homes (excluding manufactured homes) unless a purchase qualifies for a statutory exception.

Key points Reflecting ongoing efforts by the Trump administration to limit direct-to-consumer advertising of prescription drugs, the FDA recently indicated its intent to eliminate a key provision of the existing framework for broadcast advertising.

Congratulations to Phil Perry on his retirement from Latham & Watkins! As part of his expansive career, Phil built a market-leading regulatory litigation practice in the healthcare and life sciences space, earning an extraordinary track record in some of the most complex matters in the field, including in 340B program litigation. Part of his legacy is the exceptional team he leaves behind. Source: 340B Report.

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Key POINts: New Measures target human-like interaction services. Unlike the broader Generative AI Regulation, these Measures specifically target AI services that simulate human personality traits, thought patterns, and communication styles to provide ongoing emotional interaction — including AI companions, emotional care, and virtual relationship services.

The recent use of an English restructuring plan under Part 26A of the UK Companies Act 2006 (RP) by the US-based and publicly listed FossilFossil (UK) Global Services Ltd [2025] EWHC 3058 (Ch). and New Fortress EnergyNFE Global Holdings Limited [2026] EWHC 1620 (Ch). groups has received attention in the US market, although the use of an English compromise process for non-English companies and of US governed debt is familiar to the European market.

Notice: We appreciate your interest in Latham & Watkins. If your inquiry relates to a legal matter and you are not already a current client of the firm, please do not transmit any confidential information to us. Before taking on a representation, we must determine whether we are in a position to assist you and agree on the terms and conditions of engagement with you.

On 1 July 2026, the UK Supreme Court handed down its long-awaited decision in HM Revenue & Customs v. BlueCrest Capital Management (UK) LLPhttps://supremecourt.uk/uploads/uksc_2025_0028_judgment_2466ebefe8.pdf. on the application of the UK’s “salaried member” rules. The judgment broadly affirms the Court of Appeal’s findings and its remittance of the case to the First-tier Tribunal (Tax) (FTT), and unanimously dismisses BlueCrest’s appeal.

First Use of the FCA’s Public Offer Platform Regime for a UK Retail Offer On 12 June 2026, SpaceX’s IPO became the first transaction to use the FCA’s new public offer platform (POP) regime to conduct a retail offer to UK investors. As SpaceX was listing in New York and not seeking admission to a UK regulated market or primary multilateral trading facility, a conventional UK prospectus route was unavailable. Instead, the UK retail offer was conducted via a regulated POP.