In January the Reporter published my short comment on a case then pending in the Supreme Court, Halkbank v. United States, in which oral argument had been heard on January 23, 2023.[1]  The matter raised an important question: Are sovereign owned enterprises (“SOEs”) – that is, commercial entities majority owned by foreign States – immune from criminal prosecution under the Foreign Sovereign Immunities Act of 1976 (“FSIA”).   On April 19, 2023, the Court ruled that the FSIA does not provide any immunity against criminal prosecutions because it only applies to civil matters.  It left open the possibility that immunity could still be established under “common law,” and remanded to the United States Court of Appeals for the Second Circuit to explore this question.   This decision leaves open a number of perplexing questions.