Worldwide: Corporate and Company Law

The Texas Business Court recently analyzed whether a promissory note between sophisticated business parties constituted a "security" under the Texas Securities Act, applying the federal "family resemblance" test to evaluate party motivations, distribution plans, public expectations, and risk-reducing measures. The court's decision provides important guidance on how commercial lending arrangements may be distinguished from securities transactions, particularly when collateralization, personal guarantees, and

Last Spring, we provided an overview of the Texas Stock Exchange. One year later, the Exchange has clearly moved from concept to reality, following its June 27, 2026 Final Confidence Test and the launch of phased trading in July. The key question now is whether the Exchange can scale smoothly, attract listings, and build meaningful liquidity as it expands through 2026 and into 2027.

Both the United States and Türkiye operate competition regimes that target the same broad categories of harm: cartels, anticompetitive mergers, and abuse of market dominance.