Corporate Enforcement

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California’s statute on Fair Investment Practices by Venture Capital Companies (the “VC Diversity Law”) was originally scheduled to come into effect in 2026, with an initial registration date of March 1, 2026 to self-identify as a venture capital company subject to reporting and initial substantive reports due on April 1, 2026.  However, on March 17, the California Department of Financial Protection and Innovation (the “DFPI”) announced that enforcement of the VC Diversity Law would be suspended, pending rulemaking and final regulations.  As a result, covered entities are no longer required to submit registrations or file reports by April 1, 2026.  The DFPI plans to spend several months seeking input from industry stakeholders before beginning a year-long formal rulemaking process.Continue Reading California Diversity Reporting Law for Venture Capital Funds Pushed to 2027 (Or Later)

Fund valuation practices have been a recent focus of the SEC and, increasingly, federal prosecutors. Two enforcement actions settled in recent weeks make clear that the SEC is actively pursuing a broad array of valuation-related cases, from the use of allegedly inadequate methodologies to audit failures. In addition, private credit fund valuations are under pressures as lenders and other market participants have begun to mark down collateral values even where the funds have yet to do so themselves. Based on recent statements by senior SEC and DOJ leadership, and in view of recent headlines citing private credit risk, we expect more cases will follow.Continue Reading Enforcers Target Fund Valuation Practices

On March 10, 2026, the Department of Justice (DOJ) announced its first Department-wide Corporate Enforcement and Voluntary Self-Disclosure Policy (CEP) for criminal matters, with the exception of antitrust. The CEP explicitly supersedes any previously-issued policies by DOJ components or U.S. Attorneys’ Offices (USAOs).[1] Deputy Attorney General Todd Blanche explained this change was part of DOJ’s commitment to “transparency and fairness” and the new CEP “creates incentives for companies to come forward and do the right thing when misconduct occurs.”[2]Continue Reading DOJ Releases First Department-Wide Corporate Enforcement Policy

The following is part of our annual publication Selected Issues for Boards of Directors in 2026. Explore all topics or download the PDF.

Fiscal year 2025 was a year of extremes in terms of the number of enforcement actions brought by the Securities and Exchange Commission (SEC). During the first quarter of fiscal year 2025 (October through December 2024), the SEC reported a record-breaking number of enforcement actions.[1] However, for the remainder of the fiscal year, the SEC’s enforcement numbers significantly declined. Despite the reduction in enforcement actions seen in the second half of the year, there are early indications that enforcement under the second Trump administration is not disappearing but instead shifting focus. Public companies should expect continued SEC enforcement focused on fraud and harm to investors, and should remain mindful of the SEC Enforcement Division’s emphasis on voluntary report and cooperation.Continue Reading The Shifting SEC Enforcement Landscape: 2025 Year-in-Review

The following is part of our annual publication Selected Issues for Boards of Directors in 2026. Explore all topics or download the PDF.

The past year brought significant changes to the Department of Justice (DOJ) following the changeover to the new administration in late January. New DOJ leadership shifted priorities toward areas more aligned with the broader goals of the administration, including investigations focused on violent crime, narcotics trafficking and immigration. We summarize key developments in DOJ’s white collar enforcement landscape, including the White Collar Enforcement Plan, important revisions to the Corporate Enforcement and Voluntary Self Disclosure Policy (CEP), the resumption of Foreign Corrupt Practices Act (FCPA) enforcement, heightened focus on trade and customs fraud and the multi-pronged approach to national security prosecutions, and the likely implications for in-house investigations and corporate compliance departments in the coming year.  Continue Reading Significant Developments to DOJ Enforcement Priorities

Introduction[1]

In this three-part series, we discuss the outlook for whistleblower programs in the United States under the new administration. Second, we review initiatives relating to whistleblower reports in other jurisdictions over the past year. Third, we address emerging issues and considerations for companies in relation to whistleblower reports.Continue Reading Whistleblowing in Focus: Recent Developments, Emerging Issues, and Considerations for Companies (Part Two)

Introduction[1]

Many jurisdictions have passed laws promoting and protecting whistleblower reporting, particularly with respect to potential violations of law by companies and their executives, while certain law enforcement authorities have introduced monetary awards programs to provide incentives to report potential violations of law.[2] These previous efforts to encourage whistleblower reporting generally continued in the past year. In this three-part series, we first discuss the outlook for whistleblower programs in the United States under the new administration. Second, we review initiatives relating to whistleblower reports in other jurisdictions over the past year. Third, we address emerging issues and considerations for companies in relation to whistleblower reports.Continue Reading Whistleblowing in Focus: Recent Developments, Emerging Issues, and Considerations for Companies

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 Provisions

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 Controls

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 Switzerland