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

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

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

Second Circuit Decision Limits the Ability to Prosecute Instances of Trading on Confidential Government InformationDOJ Indicts Founder of Nikola for Allegedly Defrauding Retail SPAC InvestorsDOJ Concedes Error In Title 18 Insider Trading Convictions After Supreme Court’s “Bridgegate” Decision

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 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

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

U.S. Attorney’s Offices Issue Nationwide Corporate Voluntary Self-Disclosure PolicySEC Brings Robo-Adviser Case Against Charles Schwab for Misleading Clients About Hidden CostsSEC Chair Previews Ramp Up in Regulation and Enforcement in the Cybersecurity Context

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

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

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

Accelerated Pace and Increased Regulatory Expectations in Enforcement and Compliance InvestigationsU.S. Department of Justice Announces Revisions to Corporate Criminal Enforcement PolicyFDIC Continues Rulemakings Related to Misrepresentation in Advertising: Digital Asset Businesses Still in the Crosshairs

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 Proposes Rule Regarding Access to Beneficial Ownership Information under the Corporate Transparency ActFDIC Continues Rulemakings Related to Misrepresentation in Advertising: Digital Asset Businesses Still in the CrosshairsFINCEN’s Corporate Beneficial Ownership Reporting Rule: Significance for Investment Advisers

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

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

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

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

DOJ 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 InformationAccelerated Pace and Increased Regulatory Expectations in Enforcement and Compliance Investigations

United States

DOJ 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 PolicySecond Circuit Decision Limits the Ability to Prosecute Instances of Trading on Confidential Government Information

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

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