AI

SEC Announces “AI-Washing” Cases Against Investment AdvisersSEC Proposes Rules Limiting the Use of Artificial Intelligence by Registered Investment Advisers and Broker-Dealers

Boards of Directors

2023 Year-in-Review: Developments and Trends in White Collar Enforcement LitigationInsider Trading Risk During the COVID-19 OutbreakCOVID-19 and the Compliance Risks Related to Sales and Marketing 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 Announces FY 2023 Enforcement Results with Second-Highest Penalties on RecordSEC Finalizes Rule Requiring Securities Loan ReportingDOJ Announces Additional Guidance on Voluntary Self-Disclosure in M&A Context

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

DOJ Announces New Pilot Program Seeking Voluntary Self-Disclosures from Culpable Individuals Aimed At Uncovering Corporate Misconduct SEC Announces FY 2023 Enforcement Results with Second-Highest Penalties on RecordSEC Staff Play the Hits: 2024 Exam Priorities Focus on Private Funds, Marketing and Crypto

Corporate Investigations

SEC Announces FY 2023 Enforcement Results with Second-Highest Penalties on RecordFrance Revises Internal Investigation and Corporate Enforcement GuidelinesSecond Circuit Decision Limits the Ability to Prosecute Instances of Trading on Confidential Government Information

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

Statute of Limitations for U.S. Sanctions Violations Extended from Five to Ten yearsSEC Announces FY 2023 Enforcement Results with Second-Highest Penalties on RecordDepartment of Justice Announces Revisions to Criminal Division Policies

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

SEC Adopts Amendments to Reg S-PSEC Announces FY 2023 Enforcement Results with Second-Highest Penalties on RecordNew SEC Disclosure Rules for Cybersecurity Incidents and Governance and Key Takeaways

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

California Adds To Private Fund Adviser Woes; Adopts New Diversity Reporting for Venture Capital FundsSEC No-Penalty Settlement Signals Heightened Focus on Self-Reporting and CooperationNew SEC Disclosure Rules for Cybersecurity Incidents and Governance and Key Takeaways

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

Two Enforcement Developments: DOJ Launches Whistleblower Awards Pilot Program and Amendments to the Foreign Extortion Prevention Act Are Passed into LawDOJ Announces New Pilot Program Seeking Voluntary Self-Disclosures from Culpable Individuals Aimed At Uncovering Corporate Misconduct U.S. Attorney’s Offices Issue Nationwide Corporate Voluntary Self-Disclosure Policy

DOJ Developments

Two Enforcement Developments: DOJ Launches Whistleblower Awards Pilot Program and Amendments to the Foreign Extortion Prevention Act Are Passed into LawDOJ Announces New Pilot Program Seeking Voluntary Self-Disclosures from Culpable Individuals Aimed At Uncovering Corporate Misconduct U.S. District Court Tosses FIFA Bribery Convictions, Finding Honest Services Statute Does Not Reach Foreign Commercial Bribery

DOJ Guidance

DOJ Announces Additional Guidance on Voluntary Self-Disclosure in M&A ContextDepartment 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 Indictment

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

Two Enforcement Developments: DOJ Launches Whistleblower Awards Pilot Program and Amendments to the Foreign Extortion Prevention Act Are Passed into LawCalifornia Updates Diversity Reporting Law for Venture Capital Funds to Start in 2026Keener, Almagarby, and the Scope of the “Dealer” Definition: Potential Implications for Fund Managers and other Investors

ESG

Private Enforcement of ESG IssuesManaging U.S. Enforcement and Civil Risks Relating to ESG Issues: GreenwashingNew ESG Rule Proposal Raises the Stakes under SEC’s New Marketing Rule

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

California Updates Diversity Reporting Law for Venture Capital Funds to Start in 2026Keener, Almagarby, and the Scope of the “Dealer” Definition: Potential Implications for Fund Managers and other InvestorsSEC Approves Amendments to Enhance Disclosure of Order Execution Information

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

Crypto & Digital AssetsSEC Finalizes Rule Requiring Securities Loan ReportingSEC Proposes Rules Limiting the Use of Artificial Intelligence by Registered Investment Advisers and Broker-Dealers

SEC Developments

The “VACATED” Heard ‘Round the World: What’s Next after the SEC Private Fund Adviser Rules?Keener, Almagarby, and the Scope of the “Dealer” Definition: Potential Implications for Fund Managers and other InvestorsFifth Circuit Vacates Private Fund Adviser Rules in Entirety  

SEC Guidance

SEC Announces Reforms for Internet Investment AdvisersSEC Announces FY 2023 Enforcement Results with Second-Highest Penalties on RecordSEC Finalizes Rule Requiring Securities Loan Reporting

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

Crypto & Digital AssetsPrivate Enforcement of ESG IssuesSEC Proposes Rules Limiting the Use of Artificial Intelligence by Registered Investment Advisers and Broker-Dealers

United States

California Updates Diversity Reporting Law for Venture Capital Funds to Start in 2026The “VACATED” Heard ‘Round the World: What’s Next after the SEC Private Fund Adviser Rules?Keener, Almagarby, and the Scope of the “Dealer” Definition: Potential Implications for Fund Managers and other Investors

Virtual Currency

Crypto & Digital AssetsSEC Announces FY 2023 Enforcement Results with Second-Highest Penalties on RecordFDIC Continues Rulemakings Related to Misrepresentation in Advertising: Digital Asset Businesses Still in the Crosshairs

Whistle Blower

Two Enforcement Developments: DOJ Launches Whistleblower Awards Pilot Program and Amendments to the Foreign Extortion Prevention Act Are Passed into LawSDNY Announces Whistleblower Pilot Program For Individuals Who Self-Disclose Wrongdoing Involving Business OrganizationsSEC Announces FY 2023 Enforcement Results with Second-Highest Penalties on Record

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

White-Collar Defense and Investigations

DOJ Announces New Pilot Program Seeking Voluntary Self-Disclosures from Culpable Individuals Aimed At Uncovering Corporate Misconduct 2023 Year-in-Review: Developments and Trends in White Collar Enforcement Litigation