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The U.S. Supreme Court recently handed down a win for the SEC and private securities litigants, significantly broadening the scope of primary liability under Rule 10b-(5).  In Lorenzo v. SEC, the Court held that liability under Rules 10b-5(a) and (c)—which make it unlawful to employ a scheme to defraud or engage in any practice that operates as a fraud—is not limited only to those who make false or misleading statements as contemplated under sister-section…
As Mexico works towards implementing its new National Anti-Corruption System, the largest foreign bribery case in history, arising out of Brazil, serves to highlight historic weaknesses in Mexican anti-corruption efforts and just how necessary the National Anti-Corruption System will be to help combat corruption in Mexico. The Odebrecht and Braskem Plea Agreement In December 2016, Brazilian construction conglomerate Odebrecht S.A. (“Odebrecht”) (along with Brazilian petrochemical company, Braskem S.A. (“Braskem”)) pleaded guilty to making…
President Donald Trump’s nominee for chairman of the U.S. Securities and Exchange Commission, Jay Clayton, testified before the Senate Banking Committee during his confirmation hearing on March 23, 2017.  In this two-part series, we recap the highlights of Clayton’s testimony regarding potential enforcement priorities and policy changes. READ PART ONE HERE
Mexico’s new anti-corruption system, which was signed into law by President Enrique Peña Nieto on July 18, 2016, builds on constitutional reforms passed in May 2015 and is designed to increase oversight of public officials to deter corruption at all levels of the Mexican government. The laws establish new responsibilities and stricter penalties applicable to public servants and all private parties (domestic and foreign) doing business in Mexico, and for the first time in Mexican…
The Securities and Exchange Commission (SEC) recently announced an administrative settlement with Apex Fund Services (US) Inc., a firm providing administrative services to private funds, based on its alleged failure to heed red flags and correct faulty accounting by two private equity managers. The SEC alleged that, in carrying out its contractual fund administration functions, Apex missed or ignored clear indications of fraud perpetrated by two private fund managers, making Apex a “cause” of that…
In late 2015 and early 2016, Central American countries such as Panama, Guatemala, and Honduras have seen a sharp rise in anti-corruption sentiment, and in turn, investigation and enforcement. In these and other Central American countries, public outrage over alleged graft, bribery, and abuses of power at the highest levels of government has all but forced control of and accountability for corruption to the forefront of national agendas, and by all indications, the news and…
Given the prevalence of corruption and graft issues in various Latin American countries , it may come as a surprise to some that many of Latin America’s most notoriously “corrupt” countries have actually enacted fairly extensive anti-corruption laws in recent years, even as compared to the U.S. Foreign Corrupt Practices Act (“FCPA”). For instance, the Federal Law against Corruption for Public Procurement (Ley Federal Anticorrupción en Contrataciones Publicas), which went into effect in Mexico in…