M&A activity is at record-breaking levels—but with a global economy still coping with the pandemic, cross-border dealmakers are paying close attention to changing regulation, and deal terms and practices.

The COVID-19 crisis has disrupted market activity and stirred changing sentiments toward globalization, affecting how governments at all levels and businesses build their strategies. At the same time, pandemic-related litigation is ramping up, with implications for cross-border business.

Regulators are turning their focus to a wide range of issues for cross-border business, from foreign investment reviews and cryptocurrency to tax and how businesses should manage proof of vaccination in different jurisdictions.