Topics

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

An Active Year in Enforcement, with Changes to Come2023 Year-in-Review: Developments and Trends in White Collar Enforcement LitigationInsider Trading Risk During the COVID-19 Outbreak

CFTC

CFTC Publishes Proposed Guidance on Futures Exchanges’ Listings of Voluntary Carbon Credits and What this Means in the Context of Other Developments in this MarketForm 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 Programs

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 Antitrust Creates Guidance for Evaluating Antitrust Compliance ProgramsSEC Announces FY 2023 Enforcement Results with Second-Highest Penalties on RecordSEC Finalizes Rule Requiring Securities Loan Reporting

Consumer Protection

Consumer Protection Compliance Remains Crucial in Spite of CFPB Work StoppageItalian Transposition of the Omnibus Directive: the Reform in PillsGAO Recommends CFPB Evaluate Trump Era Fair Lending Reorganization

Corporate Advisory

FinCEN Eliminates CTA Requirements for All U.S. Companies and U.S. IndividualsFirst Circuit Upholds Border Searches of Electronic Devices Without Probable CauseA Playbook for Corporate DOJ Investigations

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

U.S. Government Signals Intent to Increase Enforcement of U.S. Export ControlsNew Anti-Corruption Taskforce Announced by Authorities in the UK, France, and SwitzerlandFinCEN Eliminates CTA Requirements for All U.S. Companies and U.S. Individuals

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 FY 2024 Enforcement Results: Record Dollars But Many Fewer CasesSEC Charges Four Companies Impacted by Data Breach with Misleading Cyber DisclosuresSEC 2025 Exam Priorities: Private Funds, Cyber, Crypto, and New Rule Compliance

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

DOJ Criminal Division Announces White Collar Enforcement Plan and Revisions to Three Key PoliciesDOJ Issues Additional Guidance as Data Security Program Enters into Effect; Limits Enforcement for First 90 DaysU.S. Supreme Court Lifts Initial Injunction Against Enforcement Of Corporate Transparency Act, But A Separate Injunction Continues To Halt Implementation 

DOJ Developments

DOJ Criminal Division Announces White Collar Enforcement Plan and Revisions to Three Key PoliciesDOJ Issues Additional Guidance as Data Security Program Enters into Effect; Limits Enforcement for First 90 DaysU.S. Supreme Court Lifts Initial Injunction Against Enforcement Of Corporate Transparency Act, But A Separate Injunction Continues To Halt Implementation 

DOJ Guidance

DOJ Antitrust Creates Guidance for Evaluating Antitrust Compliance ProgramsDOJ Announces Additional Guidance on Voluntary Self-Disclosure in M&A ContextDepartment of Justice Announces Revisions to Criminal Division 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

DOJ Criminal Division Announces White Collar Enforcement Plan and Revisions to Three Key PoliciesDOJ Issues Additional Guidance as Data Security Program Enters into Effect; Limits Enforcement for First 90 DaysU.S. Government Signals Intent to Increase Enforcement of U.S. Export Controls

ESG

Private Enforcement of ESG IssuesCFTC Publishes Proposed Guidance on Futures Exchanges’ Listings of Voluntary Carbon Credits and What this Means in the Context of Other Developments in this MarketManaging U.S. Enforcement and Civil Risks Relating to ESG Issues: Greenwashing

Europe

New Anti-Corruption Taskforce Announced by Authorities in the UK, France, and SwitzerlandItalian Transposition of the Omnibus Directive: the Reform in PillsFrance Revises Internal Investigation and Corporate Enforcement Guidelines

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

U.S. Supreme Court Lifts Initial Injunction Against Enforcement Of Corporate Transparency Act, But A Separate Injunction Continues To Halt Implementation SEC FY 2024 Enforcement Results: Record Dollars But Many Fewer CasesThe Next Market Structure Rule Arrives: SEC Adopts New Minimum Pricing Increments and Access Fee Caps

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

SEC Staff Reverses Some “Gross/Net” Marketing Rule GuidanceSEC Adopts Rules Requiring Daily Computation of Customer and PAB Reserve Requirements for Certain Broker-DealersSEC FY 2024 Enforcement Results: Record Dollars But Many Fewer Cases

SEC Guidance

SEC Staff Reverses Some “Gross/Net” Marketing Rule GuidanceAn Active Year in Enforcement, with Changes to ComeWhistleblowing in Focus: Recent Developments, Emerging Issues, and Considerations for Companies. Part One: Developments in the U.S.

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

DOJ Criminal Division Announces White Collar Enforcement Plan and Revisions to Three Key PoliciesDOJ Issues Additional Guidance as Data Security Program Enters into Effect; Limits Enforcement for First 90 DaysU.S. Government Signals Intent to Increase Enforcement of U.S. Export Controls

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

Whistleblowing in Focus: Recent Developments, Emerging Issues, and Considerations for Companies. Part Three: Looking AheadWhistleblowing in Focus: Recent Developments, Emerging Issues, and Considerations for Companies. Part Two: Global DevelopmentsDOJ Announces Revisions to Compliance Guidance Focused on AI, Whistleblower Reporting, and Other Areas

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 Criminal Division Announces White Collar Enforcement Plan and Revisions to Three Key PoliciesWhistleblowing in Focus: Recent Developments, Emerging Issues, and Considerations for Companies. Part One: Developments in the U.S.SEC FY 2024 Enforcement Results: Record Dollars But Many Fewer Cases