News and Analysis Related to Global Enforcement, White-Collar, and Regulatory Trends and Developments
On September 3, 2020, the Antitrust Division of the DOJ issued a revised Policy Guide to Merger Remedies, following shortly after it announced a reorganization of its civil enforcement to create an Office of Decree Enforcement and Compliance.
The Policy Guide to Merger Remedies largely codifies a trend towards strengthening of the Division’s preference…
Cleary Gottlieb and Tiantong & Partners 天同律师事务所 continue their collaboration to produce joint analyses regarding some of the current U.S. regulatory challenges for Chinese companies. This fourth analysis is based on a case study of U.S. sanctions imposed against China Ocean Shipping Company (COSCO), one of the world’s largest shipping companies, and considers sanctions risk…
On June 22, 2020, the Supreme Court held in Liu v. SEC that the Securities and Exchange Commission (“SEC”) may seek, and courts have the power to grant, disgorgement as an equitable remedy for violations of the securities laws. However, the Court also placed potentially important limitations on disgorgement, holding that—to qualify as an equitable…
On June 1, 2020, the Criminal Division of the U.S. Department of Justice (the “Department”) released revisions to its guidance regarding the Evaluation of Corporate Compliance Programs, which the Department uses in assessing the “adequacy and effectiveness” of a company’s compliance program in connection with any decision to charge or resolve a criminal investigation, including…
Cleary Gottlieb and Tiantong & Partners 天同律师事务所 continue their collaboration to produce joint analyses regarding some of the current U.S. regulatory challenges for Chinese companies. In light of renewed interest in China on the topic of U.S. long-arm jurisdiction, this third analysis reviews lessons learned on civil personal jurisdiction from cases involving the Bank of…
On May 7, 2020, the Supreme Court unanimously held in Kelly v. United States that the “Bridgegate” political retribution scheme did not violate the wire fraud or federal-program fraud statutes. Although the government proved that the defendants devised and facilitated the closing of multiple lanes of the George Washington Bridge in September 2013, resulting in…
On March 24, the Commodity Futures Trading Commission (“CFTC”) released its Final Interpretive Guidance on Actual Delivery for Digital Assets (“Final Interpretation”), addressing longstanding questions regarding which digital asset transactions could be deemed “retail commodity transactions” under the Commodity Exchange Act (“CEA”). The Final Interpretation comes two years after the CFTC issued proposed interpretive guidance (“Proposed Interpretation”).
Continue Reading CFTC Issues Final Interpretive Guidance on Actual Delivery for Digital Assets
Cleary Gottlieb and Tiantong & Partners 天同律师事务所 are continuing their collaboration to produce joint analyses regarding some of the current U.S. regulatory challenges for Chinese companies. This second analysis is based on a case study of U.S. efforts to extradite Huawei’s CFO, Meng Wanzhou, from Canada, and considers risk mitigation for Chinese corporate executives travelling…
Cleary Gottlieb and TianTong Law Firm recently produced a joint analysis regarding some of the current U.S. regulatory challenges for Chinese companies. The analysis is based on a case study of the national security review concerning the video sharing network TikTok, and an analysis of the Chinese government’s powers under Chinese law to obtain and…
On March 9, 2020, the Financial Industry Regulatory Authority (FINRA) updated its guidance for broker-dealers’ pandemic-related business continuity plans (BCPs) and issued regulatory guidance and relief from some of their obligations in response to the novel coronavirus (COVID-19) global pandemic. FINRA made clear that Regulatory Notice 20-08 imposes no new rules or obligations on members and applies only to members’ obligations under FINRA’s rules and regulations and not those of other securities regulators. Acknowledging the evolving nature of the crisis, FINRA also invited members to consult with the organization to address additional compliance challenges as they arise, noting that additional regulatory guidance and relief may be provided at a later date. Finally, FINRA indicated that Regulatory Notice 20-08 will remain effective until a subsequent notice of cessation is published.
Continue Reading FINRA Issues Regulatory Notice 20-08 Providing Guidance and Regulatory Relief to Members Addressing COVID-19 Pandemic
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