In the final episode of our special 12 Days of Regulatory Insights podcast series, Regulatory Oversight co-host Stephen Piepgrass sits down with Partner Ghillaine Reid — co-leader of the firm's securities investigations and enforcement team and a former SEC New York Regional Office branch chief and staff attorney — to assess how shifts in SEC leadership and composition are reshaping rulemaking and enforcement.

Stephen and Ghillaine begin with a discussion on the impact of SEC Chair Paul Atkins' tenure and the appointment of Enforcement Director Meg Ryan amid significant staff attrition and a cost-cutting "efficiency" ethos that has produced a leaner enforcement tempo, fewer cases, and lower settlement totals. They unpack what moving formal order authority back to a commission vote means in practice, the administration's sharpened focus on investor protection and disclosure accuracy, and what public companies should be doing now to ensure consistency across SEC filings, earnings calls, and marketing. They also cover the rise in state-level activity — especially from New York, Massachusetts, Washington, and increasingly Florida and Texas — as state AGs fill federal gaps with a distinct consumer-protection playbook. Looking ahead to 2026, they preview of areas likely to draw heightened scrutiny, including issuer reporting, while offering actionable guidance for navigating parallel federal-state investigations.

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In this episode of our special 12 Days of Regulatory Insights podcast series, RISE Partner Clay Friedman is joined by colleague Christy Matelis — a member of the firm's antitrust practice and former Utah assistant attorney general — to unpack what a newly reactivated FTC means for the year ahead.

Clay and Christy discuss the current composition of the three-member, all-Republican Commission following recent changes, the ongoing legal challenges related to former Commissioner Rebecca Slaughter's termination, as well as Chair Andrew Ferguson's draft priorities memo signaling continued focus on technology, privacy, and data security.

Christy discusses what enforcement might look like under a second Trump term, including continued focus on health care, pharmaceuticals, and technology, but with a slower pace. She notes a shift on noncompete agreements, with the FTC moving from broad rulemaking to handling cases individually — shown by dropping appeals on the previous ban but starting a new enforcement action. The conversation also covers staffing changes at the agency and what practitioners are seeing on the ground. On the consumer protection front, Clay and Christy break down the FTC-and-states lawsuit against Ticketmaster/Live Nation (bait pricing, ticket limits, and broker coordination) and the $14 million Match.com settlement underscoring clear disclosures and easy cancellation.

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In this episode of our special 12 Days of Regulatory Insights podcast series, RISE attorney Nam Kang welcomes Partners Clay Friedman and Mike Yaghi for a practical look at 2025 regulatory enforcement trends in advertising and marketing.

The insightful discussion in this series begins with the growing push for transparent, all‑in pricing aimed at eliminating junk fees and drip pricing. Clay and Mike explain how new and existing state laws intersect with longstanding UDAP principles, and how this patchwork impacts brands across marketing channels. Drawing on decades of experience advising clients on regulatory enforcement actions in the advertising and marketing space, Clay and Mike map best practices: putting the total, unavoidable price upfront; clearly differentiating retailer charges from government taxes and other mandatory fees; preserving advertisements and web flows for compliance; and avoiding misleading "taxes and fees" (or similar) bundles.

The trio also breaks down the FTC's recent Ticketmaster/Live Nation case, the status of the vacated "Click to Cancel" negative option amendments and continued risks under ROSCA and the FTC Act, and concrete guardrails for subscription disclosures, express informed consent, confirmations, renewal notices, and the requirements for easy cancellations. Looking ahead to 2026, they expect continued state-level pricing enforcement, renewed federal attention to negative-option rulemaking, a focus on combating actual fraud, and heightened exposure for brands that fall short on transparent pricing and auto‑renew practices.

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In this episode of our special 12 Days of Regulatory Insights podcast series, RISE partner David Dove is joined by colleague, former State Senator Kirk Dillard, partner at Troutman Strategies to examine 2025 economic development trends and what to expect in 2026. Kirk currently serves as chairman of the Regional Transportation Authority in metropolitan Chicago and was recently appointed to the Illinois Economic Development Corporation. David is the chairman of the University System of Georgia Board of Regents and actively represents clients in economic development projects across the U.S. David and Kirk examine 2025 economic development trends and what to expect in 2026.

David and Kirk discuss how shifting federal regulations and tariffs continue to shape onshoring and investment decisions, particularly across the Midwest's advanced and traditional manufacturing, agribusiness, clean energy, and emerging sectors like quantum computing, microelectronics, and AI. Drawing on their government and deal‑room experience, David and Kirk highlight "positive lawyering" for growth projects — aligning incentives, grants, and workforce programs — while emphasizing the importance of knowing the client's business and decision‑makers. They explore the role of local partnerships and chambers, navigating community concerns in rural siting (from truck counts to road redesigns), and the pivotal infrastructure needs behind data centers, including utilities, water, and grid capacity.

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In this episode of our special 12 Days of Regulatory Insights podcast series, Ashley Taylor, co-leader of Troutman Pepper Locke's State AG team, sits down with Privacy and Cyber chair Ron Raether to discuss how state attorneys general (AGs) are shaping the regulatory landscape for social media and the broader ad tech ecosystem.

Ashley and Ron unpack AG priorities ranging from "AI washing" and scrutiny of predictive analytics — especially algorithmic pricing with consumer and antitrust implications — to the rising focus on consent management, transparency, and the maturity of compliance programs beyond paper policies. Ron explains how AGs are augmenting traditional investigatory tools (CIDs and subpoenas) with technologists and pre-investigation analytics, and highlights active states — including California, Colorado, Oregon, and Texas — along with core focus areas such as children's and teens' privacy, health-related data, and potential bias in algorithms. They then dig into the intensifying attention on data brokers, evolving registration and enforcement (including California's strike force), and practical challenges posed by deletion requirements. Ron closes with a pragmatic playbook: be prepared and test for operational compliance, tailor programs to business risk for real ROI, and engage regulators proactively — underscored by a simple but critical metric for compliance excellence: do what you say.

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In this episode of our special 12 Days of Regulatory Insights podcast series, Chris Carlson is joined by colleagues Bryan Haynes and Agustin Rodriguez — members of our Tobacco and Nicotine Practice and RISE Practice Group — to review the year's most consequential developments in the tobacco and nicotine space and what they mean heading into 2026.

The group looks at how states are quickly adopting vapor product directories to help curb illicit, unauthorized products, and discusses the wave of preemption challenges under the Food, Drug and Cosmetic Act. Bryan and Agustin explain California's new Unflavored Tobacco List and its interplay with the state's flavor ban, then turns to federal action: the unsettled status of FDA's graphic cigarette warning rule amid split court outcomes; 2025 PMTA milestones including authorizations for ZYN nicotine pouches and JUUL's tobacco/menthol products; FDA's pilot program to streamline review for nicotine pouches; NJOY's lawsuit over agency delays; and the District of Columbia Circuit's premium cigar decision and remand to define "premium cigars." Looking to 2026, Bryan and Agustin predict a quicker pace of authorizations for reduced-risk products, clearer FDA review standards, and sustained multistate enforcement against illicit products.

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In this episode of our special 12 Days of Regulatory Insights podcast series, Stephen Piepgrass is joined by Cole White from our RISE Practice Group's gaming team for a timely, candid conversation on integrity risks and regulatory trends reshaping the legal gaming landscape.

The discussion opens with recent law enforcement investigations touching the NBA, including allegations surrounding rigged high‑stakes poker games and inside information schemes, and explores what those probes may mean for charges, enforcement strategy, and league policy. Stephen and Cole unpack how the rapid expansion of sports wagering is testing compliance frameworks, why certain types of bets (like player proposition bets) draw heightened scrutiny, and how both technology and traditional evidence factor into detection. The conversation then turns to prediction markets — specifically Kalshi's sports‑related event contracts — and the growing federal-state jurisdictional debate over whether these markets fall under the CFTC's derivatives oversight or state gaming laws. They conclude by breaking down emerging standards and partnerships and what they could signal for the future of regulated wagering and event contracts.

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In this episode of our special 12 Days of Regulatory Insights podcast series, Gene Fishel, a member of the firm's RISE Practice Group and State AG team, is joined by Partner Dave Navetta of the Privacy + Cyber Practice Group, to discuss the biggest privacy and cyber enforcement themes of 2025 and preview what's ahead for 2026.

Dave breaks down the surge of demand letters and lawsuits targeting website tracking technologies under wiretapping theories, and how regulators — especially in California — are stress-testing opt-out mechanisms, GPC signals, and consent tools. Gene adds a state AG enforcement perspective, highlighting recently utilized AG statutory tools and scrutiny around children's data and opt-out mechanisms. Looking forward, Dave explains why 2026 will be a watershed year for data brokers, with California's Delete Act and similar state frameworks poised to reshape "sale" practices and require ongoing checks of centralized opt-out platforms. The conversation closes with a preview of state AI laws taking effect in 2026 and what companies should be doing now to prepare.

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In this episode of our special 12 Days of Regulatory Insights podcast series, RISE Practice Group Partners Lauren Fincher and Brian O'Reilly look at practical, recent developments and trends in open records laws for 2025. They explore the diverse — and often competing — perspectives in the public records space: protecting sensitive business information submitted to government versus fulfilling disclosure obligations as a governmental body.

Lauren and Brian cover front-end strategies (including contract language), navigating exceptions to disclosure, seeking attorney general opinions, and litigating adverse rulings. They also share counseling insights for third parties and how requesters can use open records laws strategically. The episode examines the growing impact of technology: AI-drafted requests that unintentionally trigger "anticipated litigation" issues, the explosion of record types driving volume and burden, and ongoing debates over producible formats and search tools. Finally, they survey the evolving legislative landscape, including New York's recent veto of a bill to cap response times and Texas's strict, nonextendable deadlines, and discuss why fast-moving technology makes statutory updates challenging.

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In this episode of our special 12 Days of Regulatory Insights podcast series, Stephen Piepgrass sits down with partner Mike Yaghi of the RISE practice group and State Attorneys General (AG) team to explore how businesses can strategically engage with the Better Business Bureau (BBB) to build consumer trust, bolster reputations, and reduce regulatory risk.

Although the BBB isn't a government agency, it functions as a consumer watchdog — handling complaints, forwarding issues to companies, and, critically, making referrals to regulators like the Federal Trade Commission, Consumer Financial Protection Bureau, and state AGs. Mike and Stephen explain how maintaining BBB accreditation and promptly resolving complaints can prevent the "vicious cycle" of ignored issues, falling ratings, and heightened regulatory scrutiny, and instead create a "virtuous cycle" aligned with the BBB's "start with trust" ethos. They also address misuse of the BBB by fraudsters and competitors, sharing real-world examples and practical advice. Finally, they discuss how a strong BBB rating and documented consumer resolutions can carry positive weight in state AG investigations.

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