SEC and CFTC Chairs Sign Enhanced Multilateral Memorandum of Understanding Expanding Cross-Border Enforcement Cooperation

By Breon S. Peace, Nowell D. Bamberger, Alex Janghorbani, Martine B. Forneret & Alison Bitterly

June 3, 2019

On May 15, 2019, the U.S. Securities and Exchange Commission (“SEC”) and the U.S. Commodity Futures Trading Commission (“CFTC”) announced that they entered into an Enhanced Multilateral Memorandum of Understanding Concerning Consultation and the Exchange of Information (“Enhanced MMoU”) under the auspices of the International Organization of Securities Commissions (“IOSCO”), along with nine other international financial regulators.[1] Both the SEC and CFTC are already signatories to IOSCO’s predecessor memorandum of understanding with 121…

Cleary Enforcement Watch

DOJ Remarks Highlight Changes to White Collar Policy

By Jennifer Kennedy Park, Lisa Vicens, Abena Mainoo & Martine B. Forneret

October 8, 2018

On September 27, 2018, in remarks delivered at the 5th Annual Global Investigations Review New York Live Event, Deputy Assistant Attorney General Matthew S. Miner reported on the accomplishments of the Department of Justice (“DOJ”) over the course of the last twelve months. Importantly, he also discussed recent changes to the DOJ’s policies on prosecution of business organizations and how those changes have been implemented.[1] Miner highlighted the DOJ’s efforts to incentivize and provide…

Cleary Enforcement Watch

Legg Mason Settles FCPA Charge with SEC for $34.5 Million

By Jennifer Kennedy Park, Abena Mainoo & Martine B. Forneret

September 4, 2018

On August 27, 2018, the Securities and Exchange Commission (“SEC”) announced a $34.5 million settlement with investment management firm Legg Mason, Inc. (“Legg Mason” or the “Company”) for violating the internal controls provision of the Foreign Corrupt Practices Act (“FCPA”) in connection with a scheme to bribe Libyan government officials to secure investments from Libyan state-owned financial institutions.[1] The SEC settlement follows a June 2018 non-prosecution agreement between Legg Mason and the U.S.…

Cleary M&A and Corporate Governance Watch

DOJ Remarks Provide Guidance on Addressing FCPA Risk in M&A Transactions

By Jennifer Kennedy Park, Jonathan S. Kolodner & Martine B. Forneret

July 30, 2018

DOJ has expanded its efforts to give more concrete guidance to companies facing FCPA risk to M&A transactions and the question of successor liability. In a speech on July 25, 2018, at the American Conference Institute’s 9th Global Forum on Anti-Corruption Compliance in High Risk Markets, Deputy Assistant Attorney General Matthew S. Miner highlighted DOJ’s views on successor liability for FCPA violations by acquired companies.[1] Miner sought to clarify DOJ’s policy regarding the…

Cleary Enforcement Watch

DOJ Remarks Provide Guidance on Addressing FCPA Risk in M&A Transactions

By Jennifer Kennedy Park, Jonathan S. Kolodner & Martine B. Forneret

July 30, 2018

Cleary Enforcement Watch

SEC Reforms Regulation ATS to Improve Trading Transparency

By Carl F. Emigholz, Joshua Nimmo & Martine B. Forneret

July 27, 2018

On July 18, 2018, the U.S. Securities and Exchange Commission (the “SEC” or “Commission”) voted to approve a final rule (the “Final Rule”) amending Regulation Alternative Trading System (“Regulation ATS”) to require alternative trading systems (“ATSs”) that trade national market system (“NMS”) stocks (“NMS Stock ATSs”) to file with the SEC new Form ATS-N to begin operations or, for currently operating ATSs, to continue operations. Form ATS-N will provide for enhanced disclosures regarding the ATS’s…

Martine B. Forneret

SEC and CFTC Chairs Sign Enhanced Multilateral Memorandum of Understanding Expanding Cross-Border Enforcement Cooperation

DOJ Remarks Highlight Changes to White Collar Policy

Legg Mason Settles FCPA Charge with SEC for $34.5 Million

DOJ Remarks Provide Guidance on Addressing FCPA Risk in M&A Transactions

DOJ Remarks Provide Guidance on Addressing FCPA Risk in M&A Transactions

SEC Reforms Regulation ATS to Improve Trading Transparency

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