AI

SEC Proposes Rules Limiting the Use of Artificial Intelligence by Registered Investment Advisers and Broker-Dealers

Boards of Directors

Insider Trading Risk During the COVID-19 OutbreakCOVID-19 and the Compliance Risks Related to Sales and Marketing PracticesOCIE Cybersecurity and Resiliency Observations and Best Practices

CFTC

Form PF, Take Two: The SEC and CFTC Propose Further Amendments To Reporting Obligations For Private Equity and Hedge FundsCFTC Division of Enforcement Releases Guidance on Evaluating Compliance ProgramsCFTC Issues Final Interpretive Guidance on Actual Delivery for Digital Assets

China

SEC Charges Company Executives with Insider Trading for Allegedly Setting Up 10b5-1 Trading Plan While in Possession of MNPIUnsealed Indictment Illustrates Interplay Between Criminal and Civil Liability For Theft Of Trade SecretsU.S. Regulatory Challenges For Chinese Companies: The COSCO Case Study

Compliance

SEC Risk Alert on Examinations: Who Gets Examined and Scope of ExamsSEC Risk Alert Identifies Key Compliance Issues for New (and Not New) Registered AdvisersDOJ Provides Updates on FCPA and Corporate Criminal Enforcement Trends at International Conference on the FCPA

Consumer Protection

Italian Transposition of the Omnibus Directive: the Reform in PillsGAO Recommends CFPB Evaluate Trump Era Fair Lending ReorganizationThe CFPB Broadens Enforcement Reach to Include Protection of LGBTQ Individuals

Corporate Advisory

First Circuit Upholds Border Searches of Electronic Devices Without Probable CauseA Playbook for Corporate DOJ InvestigationsSEC Chief Accountant Weighs in on Accounting Issues During the COVID-19 Outbreak

Corporate Civil Liability

Be Prepared: How to Proactively Account for Data PrivacyIncorporating Data Privacy Considerations Into InvestigationsBest Practices for Negotiating the Scope of an Investigative Request

Corporate Enforcement

France Revises Internal Investigation and Corporate Enforcement GuidelinesDOJ and SEC Charge Healthcare Executive With Insider Trading Through a Rule 10b5-1 Trading Plan, Marking DOJ’s First Such IndictmentU.S. Attorney’s Offices Issue Nationwide Corporate Voluntary Self-Disclosure Policy

Corporate Investigations

France Revises Internal Investigation and Corporate Enforcement GuidelinesSecond Circuit Decision Limits the Ability to Prosecute Instances of Trading on Confidential Government InformationDOJ Indicts Founder of Nikola for Allegedly Defrauding Retail SPAC Investors

COVID-19

The CFPB’s Much-Anticipated Enforcement Shift Has BegunOFAC Issues Guidance on COVID’s Impact on Compliance and EnforcementSEC Chief Accountant Weighs in on Accounting Issues During the COVID-19 Outbreak

Criminal Enforcement

Department of Justice Announces Revisions to Criminal Division PoliciesDOJ and SEC Charge Healthcare Executive With Insider Trading Through a Rule 10b5-1 Trading Plan, Marking DOJ’s First Such IndictmentSecond Circuit Decision Limits the Ability to Prosecute Instances of Trading on Confidential Government Information

Cross-Border Enforcement Issues

DOJ, Commerce, and Treasury Issue Advisory on Voluntary Self-Disclosure PoliciesDOJ Provides Updates on FCPA and Corporate Criminal Enforcement Trends at International Conference on the FCPAU.S. Department of Justice Announces Changes to Corporate Criminal Enforcement Policies

Cybersecurity

New SEC Disclosure Rules for Cybersecurity Incidents and Governance and Key TakeawaysSEC Proposes Rules Limiting the Use of Artificial Intelligence by Registered Investment Advisers and Broker-DealersSEC Continues to Shine Light on Cyber and Data Security: Proposes Amendments to Regulation S-P

Deterrence

SEC Brings Enforcement Action Against Global Brokerage Company, Finding False and Misleading Statements In Connection With Non-GAAP Financial MeasuresTask Force Led By Preet Bharara and Cleary Gottlieb’s Joon H. Kim Issues Report Recommending Reforms to Insider Trading LawIRS Issues Guidance on Deductibility of Settlement Payments Under New Law

Disclosure

New SEC Disclosure Rules for Cybersecurity Incidents and Governance and Key TakeawaysDOJ, Commerce, and Treasury Issue Advisory on Voluntary Self-Disclosure PoliciesSEC Expands the Scope of Its Marketing Rule Examination Sweep – But Still No Guidance

Disgorgement

From Government Shutdown to COVID-19: SEC Enforcement Division Releases Final Chapter of Jay Clayton-led SECSupreme Court Upholds, with Limits, the SEC’s Authority to Seek DisgorgementHeadwinds and Shifting Priorities: Beyond the Numbers In The SEC Enforcement Division’s 2019 Annual Report

DOJ

U.S. Attorney’s Offices Issue Nationwide Corporate Voluntary Self-Disclosure PolicySecond Circuit Decision Limits the Ability to Prosecute Instances of Trading on Confidential Government InformationDOJ Concedes Error In Title 18 Insider Trading Convictions After Supreme Court’s “Bridgegate” Decision

DOJ Developments

U.S. District Court Tosses FIFA Bribery Convictions, Finding Honest Services Statute Does Not Reach Foreign Commercial BriberyDOJ, Commerce, and Treasury Issue Advisory on Voluntary Self-Disclosure PoliciesSEC and DOJ Charge Employee of Digital Asset Trading Platform and His Associates With Alleged Insider Trading in Digital Assets

DOJ Guidance

Department of Justice Announces Revisions to Criminal Division PoliciesDOJ and SEC Charge Healthcare Executive With Insider Trading Through a Rule 10b5-1 Trading Plan, Marking DOJ’s First Such IndictmentU.S. Attorney’s Offices Issue Nationwide Corporate Voluntary Self-Disclosure Policy

DPAs

Senator Warren Proposes Bill to Hold Corporate Executives Criminally Accountable for Negligent ConductDOJ Remarks Highlight Changes to White Collar PolicyWhat To Look For In Proposed Singapore Deferred Prosecution Agreement (“DPA”) Legislation

Enforcement

U.S. District Court Tosses FIFA Bribery Convictions, Finding Honest Services Statute Does Not Reach Foreign Commercial BriberySEC Risk Alert on Examinations: Who Gets Examined and Scope of ExamsItalian Transposition of the Omnibus Directive: the Reform in Pills

ESG

Managing U.S. Enforcement and Civil Risks Relating to ESG Issues: GreenwashingNew ESG Rule Proposal Raises the Stakes under SEC’s New Marketing RuleSEC’s ESG Task Force Comes Out Swinging with Inaugural Enforcement Action Ahead of New ESG Disclosure Rules

Europe

Italian Transposition of the Omnibus Directive: the Reform in PillsFrance Revises Internal Investigation and Corporate Enforcement GuidelinesItaly Implements European Directive on Whistleblowing

FCPA

U.S. District Court Tosses FIFA Bribery Convictions, Finding Honest Services Statute Does Not Reach Foreign Commercial BriberyPriorities, Trends and Developments in Enforcement and ComplianceRecent Settlement Highlights Risk of Follow-On Litigation Related to FCPA Investigations

Financial Institutions

SEC Proposes Rules Limiting the Use of Artificial Intelligence by Registered Investment Advisers and Broker-DealersManaging U.S. Enforcement and Civil Risks Relating to ESG Issues: GreenwashingFinCEN Proposes Rule Regarding Access to Beneficial Ownership Information under the Corporate Transparency Act

FinTech

FDIC Continues Rulemakings Related to Misrepresentation in Advertising: Digital Asset Businesses Still in the CrosshairsOFAC and FinCEN Announce Joint Enforcement Action Against U.S.-Based Digital Asset ExchangeFDIC Issues Cease and Desist Letters to Companies for Crypto-Related Representations About Deposit Insurance

GDPR

Ready to Pounce: Regulators Are Intensifying GDPR EnforcementU.S. CLOUD Act’s Potential Impact on the GDPREDPB Issues First Opinion on Administrative Arrangements Under the GDPR for Cross-Border Data Flows Between EU and Non-EU Securities Agencies

Germany

German Federal Constitutional Court: Seizure of Documents Relating to an Internal Investigation at German Office of International Law Firm Found Not to Violate Constitutional Rights

Global Crisis Management Series

Be Prepared: How to Proactively Account for Data PrivacyIncorporating Data Privacy Considerations Into InvestigationsBest Practices for Negotiating the Scope of an Investigative Request

Hong Kong

Hong Kong SFC and HKMA Issue New Guidelines for Reducing and Mitigating Hacking Risks Associated with Internet Trading

ICOs

SEC Issues Enforcement Action Against Unikrn, Inc. for its ICO, Prompting Rare Public Dissent from Commissioner Hester PeirceSEC Files First Suit Against Alleged Unregistered Broker-Dealer Operating in Digital Asset MarketsSEC Issues First ICO Enforcement Action Against a Self-Reporting Token Issuer

Italy

Italian Transposition of the Omnibus Directive: the Reform in PillsItaly Implements European Directive on WhistleblowingItaly Reinforces Its Criminal Legal Framework to Target Crimes Affecting the Interests of the European Union

Latin America

DOJ Provides Updates on FCPA and Corporate Criminal Enforcement Trends at International Conference on the FCPAU.S. Department of Justice Announces Changes to Corporate Criminal Enforcement PoliciesSecond Circuit Upholds District Court’s Rejection of DOJ Attempt to Expand Extraterritorial Reach of FCPA Through Agency Liability

NPAs

Legg Mason Settles FCPA Charge with SEC for $34.5 MillionWhat To Look For In Proposed Singapore Deferred Prosecution Agreement (“DPA”) Legislation

Other

Second Circuit Decision Reiterates The Limitations of Joint Defense Agreements

Regulatory

SEC Proposes Rules Limiting the Use of Artificial Intelligence by Registered Investment Advisers and Broker-DealersFINCEN’s Corporate Beneficial Ownership Reporting Rule: Significance for Investment AdvisersSEC Brings Rare Litigated Enforcement Action for Violation of Regulation FD

SEC Developments

Fund Rules Dampened, Not Defanged: SEC’s final private fund rules drop proposed bans on certain activities, but still have bite.SEC Releases Slate of Enforcement Actions Against Advisers Related to Custody Rule Violations and Form ADV DeficienciesSEC and DOJ Charge Employee of Digital Asset Trading Platform and His Associates With Alleged Insider Trading in Digital Assets

SEC Guidance

SEC Risk Alert on Examinations: Who Gets Examined and Scope of ExamsFund Rules Dampened, Not Defanged: SEC’s final private fund rules drop proposed bans on certain activities, but still have bite.New SEC Disclosure Rules for Cybersecurity Incidents and Governance and Key Takeaways

SPAC

Priorities, Trends and Developments in Enforcement and ComplianceDOJ Indicts Founder of Nikola for Allegedly Defrauding Retail SPAC Investors

Tax

Taxes: Stepping up Enforcement and Ending the Global “Race to the Bottom”Taxes: The Rules Continue to Change and Tax Authorities Focus on Enforcement

United Kingdom

SEC Proposes Rules Limiting the Use of Artificial Intelligence by Registered Investment Advisers and Broker-DealersU.S. and EU Antitrust: Expect Robust Enforcement in 2021What to Expect From the Biden Administration

United States

U.S. District Court Tosses FIFA Bribery Convictions, Finding Honest Services Statute Does Not Reach Foreign Commercial BriberyDOJ, Commerce, and Treasury Issue Advisory on Voluntary Self-Disclosure PoliciesManaging U.S. Enforcement and Civil Risks Relating to ESG Issues: Greenwashing

Virtual Currency

FDIC Continues Rulemakings Related to Misrepresentation in Advertising: Digital Asset Businesses Still in the CrosshairsOFAC and FinCEN Announce Joint Enforcement Action Against U.S.-Based Digital Asset ExchangeSEC and DOJ Charge Employee of Digital Asset Trading Platform and His Associates With Alleged Insider Trading in Digital Assets

whistleblower

Italy Implements European Directive on WhistleblowingFrom Government Shutdown to COVID-19: SEC Enforcement Division Releases Final Chapter of Jay Clayton-led SECTask Force Led By Preet Bharara and Cleary Gottlieb’s Joon H. Kim Issues Report Recommending Reforms to Insider Trading Law