George Stamboulidis

Apr 19, 2024 | jdsupra.com | Teresa Goody Guillén |Jamie Reiner |George Stamboulidis

Key Takeaways Director of Enforcement of the U.S. Securities and Exchange Commission (SEC or Commission) Gurbir Grewal warns of the risks surrounding artificial intelligence (AI) related disclosures and puts investment advisers and public companies on notice that disclosures related to AI may be necessary and must not be materially false or misleading. Grewal advocates for “proactive compliance,” which requires education, engagement and execution.

Jan 5, 2024 | jdsupra.com | Patrick Campbell |Jonathan B. New |George Stamboulidis

Signaling the commitment of the U.S. government to combatting global corruption, Congress has passed the first U.S. legislation aimed at criminalizing the “demand side” of foreign bribery. While the FCPA has been an effective tool for prosecutors targeting companies and individuals offering and paying bribes to foreign officials, this legislation seeks to extend the reach of U.S. prosecutors by creating a new federal offense.

Jan 4, 2024 | lexology.com | Patrick Campbell |Jonathan B. New |George Stamboulidis |Kayley B. Sullivan

Key Takeaways:Signaling the commitment of the U.S. government to combatting global corruption, Congress has passed the first U.S. legislation aimed at criminalizing the “demand side” of foreign bribery. While the FCPA has been an effective tool for prosecutors targeting companies and individuals offering and paying bribes to foreign officials, this legislation seeks to extend the reach of U.S. prosecutors by creating a new federal offense.

May 17, 2023 | lexblog.com | George Stamboulidis |Teresa Goody Guillén |Michelle N. Tanney |Jonathan A. Forman

On May 1, 2023, the New York State Department of Financial Services (DFS or Department) issued a consent order (Consent Order), imposing a $1.2 million fine on bitFlyer USA, a cryptocurrency trading platform and custodial wallet service provider. The Consent Order described various alleged failures by bitFlyer USA to establish and maintain an effective cybersecurity program, as required by the DFS’s Virtual Currency and Cybersecurity Regulations.

May 17, 2023 | lexology.com | Teresa Goody Guillén |Sydney W. Park |Michelle N. Tanney |Jonathan A. Forman |George Stamboulidis

Key TakeawaysNew York is allocating more resources and devoting more attention to the cryptocurrency industry, which will likely result in increased regulatory oversight, potential new rulemaking, significant sanctions for compliance violations, and an increase in its speed of reviewing BitLicense applications.