USA – CALIFORNIA Trends and Developments Contributed by: Bradley Rose and Clint Mead, Kaye, Rose and Partners LLP
now settled on how the key terms will be defined and has provided a checklist and form template for initial reporting under SB 253, which reports are due on 10 August 2026. Most international shipping companies, as businesses formed under the laws of foreign jurisdictions, will not be subject to the requirements of the Acts. Shipping businesses with US subsidiaries will need to deter - mine the applicability of SB 253 and SB 261 to each subsidiary, but the parent company’s revenue is not considered in assessing whether a subsidiary meets the 500-million-dollar (USD500,000,000) or one-bil - lion-dollar (USD1,000,000,000) thresholds. The Cal - ifornia legislature has not yet amended the Acts to apply to foreign companies, but proposed legislation affecting the shipping and maritime industries will be monitored by specialist firms and clients advised of any new developments.
676 CHAMBERS.COM
Powered by FlippingBook