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Mar 18, 2024 | 
lexology.com | L. Atkinson |H. Christopher Boehning |Walter Brown |Jessica Carey |John Carlin |Roberto Finzi | +5 more
On March 7, 2024, Deputy Attorney General Lisa Monaco (“DAG Monaco”) announced that the U.S. Department of Justice (DOJ) will launch a new whistleblower program this year (the “DOJ Program” or the “Whistleblower Program”) that is intended to “create new incentives for individuals to report misconduct” to DOJ and “drive companies to invest further in their own internal compliance and reporting systems.”[1] While a number of federal agencies currently have whistleblower programs, DAG Monaco...
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Mar 12, 2024 | 
lexology.com | L. Atkinson |Jessica Carey |John Carlin |David C. Fein |Michael E. Gertzman |Roberto González | +10 more
On March 6, the Department of Commerce’s Bureau of Industry and Security (“BIS”), the Department of the Treasury’s Office of Foreign Assets Control (“OFAC”), and the Department of Justice (“DOJ”) issued their most recent ”tri-seal” compliance note (the “Compliance Note” or “the Note”).[1]The Compliance Note highlights that U.S. sanctions and export controls apply to non-U.S. persons, both companies and individuals, in a variety of circumstances.
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Feb 21, 2024 | 
lexology.com | H. Christopher Boehning |Jessica Carey |John Carlin |David C. Fein |Michael E. Gertzman |Roberto González | +4 more
On February 13, 2024, the Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) published a proposed rule aimed at “keep[ing] criminals and foreign adversaries from exploiting the U.S. financial system and assets through investment advisers” (the “Proposed Rule”).[1] The Proposed Rule would require SEC-registered investment advisers (“RIAs”) and exempt reporting advisers (“ERAs”) (together, “Covered Investment Advisers”) to establish anti-money laundering/countering the...
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Feb 15, 2024 | 
lexology.com | Walter Brown |Susanna M. Buergel |Jessica Carey |John Carlin |Andrew J. Ehrlich |Roberto Finzi | +8 more
During the third year of Chair Gary Gensler’s and Director of Enforcement Gurbir Grewal’s leadership, several key enforcement priorities for the SEC impacted and will likely continue to impact businesses across a range of sectors for years to come. In this year in review, we highlight important takeaways for business leaders and in-house counsel from the Division’s activities in 2023, and what these activities suggest for the Division’s priorities for the year ahead.
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Jan 29, 2024 | 
lexology.com | Jarryd E. Anderson |H. Christopher Boehning |Susanna M. Buergel |Jessica Carey |Michael E. Gertzman |Roberto González | +3 more
Introduction On January 22, 2024, the New York State Department of Financial Services (“NYDFS”) issued final Guidance (the “Guidance”) for most institutions holding a license from the NYDFS[1] (“Covered Institutions”) setting out NYDFS’s expectation that Covered Institutions engage in rigorous character and fitness assessments of directors, senior officers and managers, both at onboarding and on an ongoing basis.[2] The Guidance reflects an ongoing effort by policymakers and regulators to...
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Oct 4, 2023 | 
lexology.com | H. Christopher Boehning |Jessica Carey |John Carlin |David C. Fein |Michael E. Gertzman |Roberto Gonzalez | +6 more
On September 21, 2023, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) announced a $9,618,477 settlement agreement with 3M Company (“3M”), a global manufacturing company based in Minnesota, regarding 54 apparent violations of OFAC’s Iran sanctions regulations.[1] As described below, these apparent violations relate to an agreement that a 3M subsidiary entered into in 2016 and conduct that occurred between 2016 and 2018.[2] 3M voluntarily disclosed the matter to...
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Sep 27, 2023 | 
lexology.com | Jessica Carey |John Carlin |Michael E. Gertzman |Roberto Gonzalez |Roberto J. González |Brad S. Karp | +5 more
On September 21, 2023, Principal Deputy Attorney General Marshall Miller (“Miller”) delivered a major speech at the Global Investigations Review Annual Meeting that underscored the Department of Justice’s (“DOJ”) increased focus on corporate national security matters.[1] In the speech, Miller made two significant announcements: (1) DOJ will be issuing new guidance on voluntary self-disclosures (“VSDs”) in the context of M&A transactions in which diligence identifies potential misconduct by...
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Sep 14, 2023 | 
lexology.com | Jessica Carey |John Carlin |David C. Fein |Michael E. Gertzman |Roberto Gonzalez |Roberto J. González | +5 more
On September 11, 2023, the Department of Justice (“DOJ”) announced the appointment of two veteran prosecutors, Ian Richardson and Christian Nauvel, to serve as the first Chief Counsel and Deputy Chief Counsel for Corporate Enforcement, respectively, in the National Security Division.[1] The new Chief and Deputy Chief Counsel have collectively served as lead prosecutors on significant prosecutions involving corporations alleged to have committed national security crimes, including in United...
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May 1, 2023 | 
lexology.com | H. Christopher Boehning |Jessica Carey |John Carlin |David C. Fein |Michael E. Gertzman |Roberto Gonzalez | +4 more
On April 19, 2023, the U.S. Department of Commerce’s Bureau of Industry and Security (“BIS”) issued an order imposing a $300 million civil penalty against California-based Seagate Technology LLC (“Seagate U.S.”) and Singapore-based Seagate International Headquarters Pte. Ltd.
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Feb 13, 2023 | 
lexology.com | Walter Brown |Roberto Finzi |Harris Fischman |Michael E. Gertzman |Melinda Haag |Joshua Hill Jr. | +5 more
On February 3, 2023, the SEC reached a novel $35 million settlement with Activision Blizzard, Inc., one of the world’s largest video game developers and publishing companies, to resolve allegations that the company failed to maintain controls and procedures to ensure the adequacy of disclosures it made related to human capital in SEC filings.
