As of July 8, the U.S. Department of Justice (“DOJ”) is scheduled to begin full enforcement of its Data Security Program (“DSP”) and the recently issued Bulk Data Rule after its 90-day limited enforcement policy expires, ushering in “full compliance” requirements for U.S. companies and individuals.[1]
Continue Reading Enforcement Countdown: Is DOJ Ready for the Bulk Data Rule “Grace Period” to End?DOJ National Security Division Issues First Declination Under Merger-Related Safe Harbor Provisions
On June 16, 2025, the Department of Justice’s National Security Division (“NSD”) and the U.S. Attorney’s Office for the Southern District of Texas announced a landmark declination to prosecute private equity firm White Deer Management LLC following its voluntary self-disclosure of sanctions violations committed by an acquired company.[1] This marks the first application of the safe harbor provisions for voluntary self-disclosure in connection with mergers and acquisitions—a policy put in place during the previous administration—and demonstrates the benefits of NSD’s enforcement policies while highlighting continued enforcement priorities across administrations.
Continue Reading DOJ National Security Division Issues First Declination Under Merger-Related Safe Harbor ProvisionsDOJ Criminal Division Announces White Collar Enforcement Plan and Revisions to Three Key Policies
On May 12, 2025, the Criminal Division of the Department of Justice (“DOJ”) announced several policy changes related to its approach to white collar criminal enforcement. Matthew R. Galeotti, the current head of the Criminal Division, noted that DOJ would be “turning a new page on white-collar and corporate enforcement” and emphasizing the principles of “focus, fairness and efficiency” in its investigations and prosecutions. As part of this policy roll-out, DOJ issued a new White Collar Enforcement Plan (the “Enforcement Plan”) and key revisions to the Corporate Enforcement and Voluntary Self-Disclosure Policy (“CEP”), Monitor Selection Policy, and Whistleblower Awards Pilot Program.[1]
Continue Reading DOJ Criminal Division Announces White Collar Enforcement Plan and Revisions to Three Key PoliciesDOJ Issues Additional Guidance as Data Security Program Enters into Effect; Limits Enforcement for First 90 Days
On April 11, 2025, the U.S. Department of Justice, National Security Division (“DOJ”) issued a compliance guide (“Compliance Guide”), a set of frequently asked questions (“FAQs”), and a 90-day limited enforcement policy (“Enforcement Policy”) relating to implementation of the Data Security Program, codified at 28 C.F.R. Part 202 (“DSP”). The DSP is a regulatory program designed to prevent certain countries of concern—China, Cuba, Iran, North Korea, Russia, and Venezuela—and covered persons from having access to Americans’ bulk sensitive personal data and U.S. government-related data. The DSP largely went into effect on April 8, 2025.
Continue Reading DOJ Issues Additional Guidance as Data Security Program Enters into Effect; Limits Enforcement for First 90 DaysU.S. Government Signals Intent to Increase Enforcement of U.S. Export Controls
Earlier this month, the U.S. Department of Commerce (Commerce), Bureau of Industry and Security (BIS) held its annual Update Conference on Export Controls and Policy (the Conference). During the Conference, key government officials signaled an intent to ramp up enforcement of the Export Administration Regulations (EAR) going forward. For example, in opening remarks to Conference attendees, U.S. Secretary of Commerce Howard Lutnick said there would be a “dramatic” increase in enforcement by BIS under the Trump administration, including increased fines and penalties for parties that violate the EAR.
Continue Reading U.S. Government Signals Intent to Increase Enforcement of U.S. Export ControlsNew Anti-Corruption Taskforce Announced by Authorities in the UK, France, and Switzerland
On March 20, 2025, the United Kingdom’s Serious Fraud Office (“SFO”), France’s Parquet National Financier (“PNF”), and Switzerland’s Office of the Attorney General (“OAG”) signed a founding statement to establish a new International Anti-Corruption Prosecutorial Taskforce.[1] The new taskforce will include a Leadership Group to exchange insight and strategy, as well as a Working Group focused on strengthening collaboration and cooperation in anti-corruption cases.[2]
Continue Reading New Anti-Corruption Taskforce Announced by Authorities in the UK, France, and SwitzerlandFinCEN Eliminates CTA Requirements for All U.S. Companies and U.S. Individuals
As discussed in our last Corporate Transparent Act (CTA) update, the U.S. Treasury Department announced on March 2 that it planned to issue an interim rule excluding U.S. companies and citizens from CTA reporting obligations. The Financial Crimes Enforcement Network (FinCEN) has now done so, limiting the scope of the CTA to non-U.S. parties. This will dramatically reduce the operational burdens and costs of the CTA for registered investment advisers.
Continue Reading FinCEN Eliminates CTA Requirements for All U.S. Companies and U.S. IndividualsSEC Staff Reverses Some “Gross/Net” Marketing Rule Guidance
On Wednesday evening, the SEC Staff published two new FAQs relating to the presentation of gross and net performance under the Investment Advisers Act Marketing Rule, the sweeping 2022 overhaul of the advertising and endorsement restrictions applicable to registered investment advisers (“RIAs”). Both FAQs provide significant relief from prior Staff interpretations of the Marketing Rule and will dramatically reduce compliance burdens for RIAs in the areas of performance of individual investments and certain performance “characteristics” of portfolios and investments. The limited open questions raised by new FAQs pale in comparison to the issues RIAs faced with the prior interpretations.
Continue Reading SEC Staff Reverses Some “Gross/Net” Marketing Rule GuidanceTrump Administration Proposes Eliminating CTA Requirements for All U.S. Companies
We noted in our last Corporate Transparent Act (CTA) update that on February 27, 2025, the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Treasury Department, announced that it would not take any enforcement actions against any company that does not file or update beneficial ownership information required under the CTA until after FinCEN issued a new interim rule. The Treasury Department announced yesterday that it will not enforce any penalties or fines against “U.S. citizens or domestic reporting companies or their beneficial owners” for not filing this information even after the new interim rule. Instead, the Treasury Department said that it will issue a proposed rulemaking “that will narrow the scope of the rule to foreign reporting companies only.”
Continue Reading Trump Administration Proposes Eliminating CTA Requirements for All U.S. CompaniesFinCEN Pauses All CTA Filing Obligations and Will Issue New Rules
Amid various ongoing litigation concerning the constitutionality of the Corporate Transparency Act (CTA), the U.S. Financial Crimes Enforcement Network (FinCEN) had announced on February 19, 2025, that it was extending the CTA beneficial ownership information filing deadline for most companies to March 21, 2025 (see Client Alert here). Now, FinCEN has taken a step further, announcing yesterday “that it will not issue any fines or penalties or take any other enforcement actions against any companies based on any failure to file or update” any reports mandated by the CTA. According to FinCEN, “no enforcement actions will be taken, until a forthcoming interim final rule becomes effective.” FinCEN states that it will issue the interim rule no later than March 21, 2025, and the new rule will establish new CTA filing deadlines.
Continue Reading FinCEN Pauses All CTA Filing Obligations and Will Issue New Rules