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

U.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 LiabilityNew Anticorruption Decree Modifies Regulation of Brazilian Clean Companies Act

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 Investigations

DOJ Indicts Founder of Nikola for Allegedly Defrauding Retail SPAC InvestorsDOJ Concedes Error In Title 18 Insider Trading Convictions After Supreme Court’s “Bridgegate” DecisionOFAC Settles with Digital Currency Payment Processor for Sanctions Violations

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

SEC Charges Company Executives with Insider Trading for Allegedly Setting Up 10b5-1 Trading Plan While in Possession of MNPISEC and DOJ Charge Employee of Digital Asset Trading Platform and His Associates With Alleged Insider Trading in Digital AssetsAuthorities in U.S. Take Steps to Strengthen Enforcement of U.S. Measures Against Russia

Cross-Border Enforcement Issues

U.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 LiabilityNew Anticorruption Decree Modifies Regulation of Brazilian Clean Companies Act

Cybersecurity

New Requirements for Outsourcing by Advisers: Proposed SEC Rule Brings More Obligations and ScrutinyDFS Enters Consent Order with Robinhood Crypto for Deficiencies in AML, Cybersecurity, and Virtual Currency ComplianceSEC Division of Examinations Reinforces Gensler Initiatives in its 2022 Exam Priorities

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

SEC Brings Robo-Adviser Case Against Charles Schwab for Misleading Clients About Hidden CostsSEC Chair Previews Ramp Up in Regulation and Enforcement in the Cybersecurity ContextSEC Charges Eight Companies and Signals Need for Better Disclosures About Delayed Filings

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

DOJ Concedes Error In Title 18 Insider Trading Convictions After Supreme Court’s “Bridgegate” DecisionA Playbook for Corporate DOJ InvestigationsSecond Circuit to Reconsider the Scope of Insider Trading Prosecutions Under Federal Fraud Statutes After Supreme Court’s Bridgegate Decision

DOJ Developments

SEC and DOJ Charge Employee of Digital Asset Trading Platform and His Associates With Alleged Insider Trading in Digital AssetsDOJ Announces First Set of Revisions Strengthening Corporate Criminal Enforcement PoliciesDOJ Indicts Founder of Nikola for Allegedly Defrauding Retail SPAC Investors

DOJ Guidance

Priorities, Trends and Developments in Enforcement and ComplianceWhite House Issues Strategy on Countering CorruptionDOJ Announces First Set of Revisions Strengthening Corporate Criminal Enforcement Policies

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

New Requirements for Outsourcing by Advisers: Proposed SEC Rule Brings More Obligations and ScrutinyFINCEN’s Corporate Beneficial Ownership Reporting Rule: Significance for Investment AdvisersSEC Releases Slate of Enforcement Actions Against Advisers Related to Custody Rule Violations and Form ADV Deficiencies

Europe

Taxes: The Rules Continue to Change and Tax Authorities Focus on EnforcementItaly Reinforces Its Criminal Legal Framework to Target Crimes Affecting the Interests of the European UnionCMA Ramps Up Merger Control Enforcement Ahead of Brexit

FCPA

Priorities, Trends and Developments in Enforcement and ComplianceRecent Settlement Highlights Risk of Follow-On Litigation Related to FCPA InvestigationsDOJ Updates FCPA Corporate Enforcement Policy

Financial Institutions

FINCEN’s Corporate Beneficial Ownership Reporting Rule: Significance for Investment AdvisersSEC Chair Previews Ramp Up in Regulation and Enforcement in the Cybersecurity ContextTurning the Page: Highlights of the SEC’s Division of Examination’s 2021 Priorities

FinTech

OFAC 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 InsuranceForm PF, Take Two: The SEC and CFTC Propose Further Amendments To Reporting Obligations For Private Equity and Hedge Funds

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

Italy Reinforces Its Criminal Legal Framework to Target Crimes Affecting the Interests of the European UnionInternal Investigations and Public Enforcement: Italy at a GlanceThe New Italian Law on Whistleblowing Procedures and Its Impact on Compliance Programs

Latin America

U.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 LiabilityNew Anticorruption Decree Modifies Regulation of Brazilian Clean Companies Act

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

FINCEN’s Corporate Beneficial Ownership Reporting Rule: Significance for Investment AdvisersSEC Brings Rare Litigated Enforcement Action for Violation of Regulation FDColombian Corporate Regulatory Authority Expands Application of Compliance and Transparency Program Guidelines

SEC Developments

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 AssetsSEC Brings Robo-Adviser Case Against Charles Schwab for Misleading Clients About Hidden Costs

SEC Guidance

New Requirements for Outsourcing by Advisers: Proposed SEC Rule Brings More Obligations and ScrutinySEC Charges Company Executives with Insider Trading for Allegedly Setting Up 10b5-1 Trading Plan While in Possession of MNPIForm PF, Take Two: The SEC and CFTC Propose Further Amendments To Reporting Obligations For Private Equity and Hedge Funds

United States

New Requirements for Outsourcing by Advisers: Proposed SEC Rule Brings More Obligations and ScrutinyOFAC and FinCEN Announce Joint Enforcement Action Against U.S.-Based Digital Asset ExchangeSEC Charges Company Executives with Insider Trading for Allegedly Setting Up 10b5-1 Trading Plan While in Possession of MNPI

Virtual Currency

OFAC 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 AssetsFDIC Issues Cease and Desist Letters to Companies for Crypto-Related Representations About Deposit Insurance

whistleblower

From 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 LawCFTC Issues First Whistleblower Award Originating From Both a Related Action and a Company Outsider