Worldwide: M&A/Private Equity

The Trump 2.0 antitrust agencies demonstrate renewed willingness to negotiate structural remedies for mergers, but Q2 2026 developments reveal that federal clearance alone may not protect deals from state and private challenges. Meanwhile, the HSR filing form has reverted to its legacy version, though new rules may emerge by year-end.

The Institutional Limited Partners Association has launched and updated four principal reporting templates following the Fifth Circuit's vacation of the SEC's Private Fund Adviser Rules, reimposing transparency and comparability objectives through contractual frameworks. These templates standardize fund economics, performance metrics, capital activity and portfolio company reporting, creating new compliance considerations for fund sponsors navigating investor reporting obligations.

New York State has received federal approval to overhaul its Medicaid provider enrollment system, introducing risk-based revalidation timelines and implementing a moratorium on new enrollments for certain provider categories. The changes raise critical questions about how ownership transfers will be treated during the moratorium period and what transaction structures may allow providers to maintain their Medicaid participation.