This update reviews material U.S. legal and regulatory developments as of October 31, 2026.

Reuters reported this week that the SEC's enforcement director says AI disclosures are on the agency's radar. For companies making AI-related claims — capability, revenue contribution, or cost savings — the message is that marketing language in filings and investor materials will be measured against reality. Boards should ensure that AI-related statements in earnings calls, filings, and investor decks are substantiated and consistent with what engineering teams can actually deliver.

The FTC has opened an inquiry into dynamic pricing practices at Walmart and Target. Dynamic pricing — algorithmic adjustment of prices by shopper, demand, and inventory — has moved from a revenue-management technique to a consumer-protection issue. Retailers and any business deploying algorithmic pricing should review disclosure practices, audit pricing algorithms for disparate outcomes, and preserve documentation of pricing logic. Turkish consumer-products companies selling into U.S. retail channels through algorithmic marketplaces should treat this inquiry as a warning shot that will likely extend to pricing practices platform-wide.

Two state-level developments stand out:

• New York enacted a ban on "unsafe" chatbot behavior involving children, joining the growing patchwork of state AI rules. Companies deploying consumer-facing AI chatbots should map their exposure across state lines; a chatbot compliant in one state may violate another's rules on minors, disclosures, or prohibited content.
• Utah charged prediction-market operator Kalshi and its founders, escalating the fight over who regulates event-contract platforms — a dispute with implications for fintech and gaming-adjacent businesses nationally.

For Turkish software and AI companies entering the U.S. market, the practical takeaway: state-level AI compliance, not just federal law, now belongs in your product-launch checklist.

The Federal Reserve held interest rates steady at its October meeting in a split vote, ahead of the November 3 midterm elections. The macro backdrop matters for dealmaking: Q3 GDP grew at a 3.4% annualized rate, but September's PCE index rose 3.6%, and October closed with a sharp technology-led sell-off that left the Nasdaq down for the month. Financing costs remain elevated; sellers with stretched valuations are more likely to accept structure — earnouts, seller notes, staged consideration — than in the last cycle.

The Wall Street Journal reported on October 23 that the United States will cut some Canada tariffs ahead of the midterms. Two implications follow:

1. Tariff policy remains a political instrument. Rates can move in either direction on short political timelines; long-term supply contracts should carry tariff-passage and change-of-law clauses in both directions.
2. For Turkish exporters, the live question remains the USTR Section 301 investigation covering Turkish exports. The preliminary determination issued October 28 opened a 30-day public comment period running into late November; no tariff change currently applies. Exporters in steel, aluminum, automotive parts, and textiles should finalize comment submissions with U.S. trade counsel this month.

• Treasury set the new Series I bond rate at 5.51% for the next six months — relevant to individual investors and to corporate treasury allocation discussions.
• A federal judge blocked the administration's Medicaid rule that would have required sick recipients to prove frailty — a reminder that healthcare-related regulatory action frequently ends in litigation, and that compliance timelines should never be treated as certain until courts weigh in.

Three action items this month: first, prepare Section 301 comment submissions before the mid-November deadline; second, if you operate AI features or algorithmic pricing in U.S. consumer channels, conduct a state-law and FTC-exposure review now rather than after an inquiry letter; third, revisit financing assumptions — the Fed's hold, sticky inflation, and market volatility are changing deal-structure expectations on both sides of the Atlantic.

Firm background, credentials, and press contacts for citation are available in the ULF New York press room.

This publication is for general informational purposes only and does not constitute legal advice.