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Cleary International Trade and Sanctions Watch

Biden Administration Imposes New Restrictions on Russian Sovereign Debt, Authorizes Additional Sanctions

April 16, 2021

On April 15, 2021, the Biden administration issued a new executive order (the New EO) creating broad authority to impose blocking sanctions against a wide range of individuals and entities determined to be engaged in “harmful foreign activities” of the Russian Federation.[1] In parallel with and under the authority of the New EO, the U.S. Department of the Treasury, Office of Foreign Assets Control (OFAC) issued a new directive (Directive 1) prohibiting U.S.…

Cleary M&A and Corporate Governance Watch

SEC Staff Risk Alert Lays a Marker for Advisers on ESG Focus Areas

By Robin M. Bergen, Elizabeth Lenas & Zachary Baum

April 15, 2021

Last week, the SEC Division of Examinations issued a risk alert describing observations from recent examinations of investment advisers that manage and offer ESG investment options. The Risk Alert highlights observed deficiencies in several key areas that we expected the Staff to scrutinize using its traditional regulatory arsenal: advisers’ practices inconsistent with ESG disclosures, unsubstantiated or potentially misleading ESG claims, proxy voting practices inconsistent with ESG disclosures, and inadequate compliance programs or policies in the…

Cleary Cybersecurity and Privacy Watch

The “New” Dominion of Privacy Law: Virginia Becomes Second State to Pass Comprehensive Consumer Data Privacy Act

By Rahul Mukhi, Daniel Ilan, Megan Medeiros & Melissa Faragasso

April 14, 2021

Last month, the Virginia Consumer Data Protection Act was signed into law, making Virginia the second state in the nation to enact comprehensive data privacy legislation. The Act resembles and adopts some terms from the California Consumer Privacy Act (“CCPA”); the California Privacy Rights Act of 2020, which amends and expands the CCPA; and the European Union’s General Data Protection Regulation (“GDPR”). However, the Act contains a number of distinctive provisions, compliance with which will…

Cleary Enforcement Watch

DOJ Concedes Error In Title 18 Insider Trading Convictions After Supreme Court’s “Bridgegate” Decision

By David E. Brodsky, Rahul Mukhi, Shannon Daugherty, Victoriya Levina & Farah Mokhtar

April 13, 2021

As discussed in our prior blog post, earlier this year the Supreme Court vacated and remanded the Second Circuit’s decision in a high-profile insider trading case, United States v. Blaszczak,[1] for reconsideration in light of the Supreme Court’s “Bridgegate” decision in Kelly v. United States.[2] In Blaszczak, the Second Circuit had previously found that a government agency’s confidential pre-decisional information constituted “property” under Title 18, and that therefore the Blaszczak defendants…

Cleary M&A and Corporate Governance Watch

Acting Director of SEC’s Corp Fin Issues Statement on Disclosure Risks Arising from De-SPAC Transactions

By Nick Grabar, Giovanni P. Prezioso, Jared Gerber, Rahul Mukhi & Adam Brenneman

April 12, 2021

Last week, John Coates, the Acting Director of the SEC’s Division of Corporation Finance (“Corp Fin”), released a statement discussing liability risks in de-SPAC transactions. The statement focused in particular on the concern that companies may be providing overly optimistic projections in their de-SPAC disclosures, in part based on the assumption that such disclosures are protected by a statutory safe harbor for forward-looking statements (which is not available for traditional IPOs). Director Coates’s statement questions…

Cleary Enforcement Watch

Acting Director of SEC’s Corp Fin Issues Statement on Disclosure Risks Arising from De-SPAC Transactions

By Nick Grabar, Giovanni P. Prezioso, Jared Gerber, Rahul Mukhi & Adam Brenneman

April 12, 2021

Cleary Cybersecurity and Privacy Watch

ADGM enacts new Data protection Regulations 2021

By Chris Macbeth, Gareth Kristensen, Natalie Farmer & Courtenay Stock

April 7, 2021

On 11 February 2021, the Abu Dhabi Global Market (“ADGM”), Abu Dhabi’s financial free zone, enacted the new Data Protection Regulations 2021 (the “Regulations”), replacing the Data Protection Regulations 2015 in their entirety and bringing the ADGM regime closer to the European Union’s data protection regime under the General Data Protection Regulation (“GDPR”). Our alert memo, published at the end of 2020 following the ADGM’s opening of a public consultation period on the draft…

Cleary International Trade and Sanctions Watch

United States Designates Myanmar Military Conglomerates

By Paul Marquardt, Samuel H. Chang & Saranna Soroka

March 26, 2021

On Thursday, March 25, the Biden administration imposed blocking sanctions against Myanma Economic Holdings Public Company Limited (MEHL) and Myanmar Economic Corporation Limited (MEC), pursuant to Executive Order 14014 (the Burma EO), in response to the military’s refusal to disavow the February 1, 2021 military coup.[1] As a result of the sanctions, all transactions and dealings within U.S. jurisdiction, including U.S. dollar interbank transfers, in which MEHL and MEC have a direct or indirect…

Cleary Enforcement Watch

SEC Brings Rare Litigated Enforcement Action for Violation of Regulation FD

By Nick Grabar, David Lopez, Joon H. Kim, Adam Fleisher, Lisa Vicens & Matthew C. Solomon

March 23, 2021

On March 5, 2021, the Securities and Exchange Commission (“SEC”) filed a lawsuit in federal court against AT&T, Inc. (“AT&T”) for violating Regulation FD, and also charged three of AT&T’s Investor Relations executives with aiding and abetting this violation.[1] Reg FD (which stands for “Fair Disclosure”) prohibits companies from selectively disclosing material nonpublic information to certain categories of individuals, including analysts and investors, and is intended to promote full and fair disclosure of…

Cleary M&A and Corporate Governance Watch

Cleary Gottlieb M&A Telegram Germany Q1 2021

By Cleary Gottlieb

March 22, 2021

Please click here for the latest edition of the Cleary Gottlieb M&A Telegram for Germany.…

Cleary Gottlieb Steen & Hamilton LLP

Cleary Gottlieb Steen & Hamilton LLP Blogs

Blog Authors

Biden Administration Imposes New Restrictions on Russian Sovereign Debt, Authorizes Additional Sanctions

SEC Staff Risk Alert Lays a Marker for Advisers on ESG Focus Areas

The “New” Dominion of Privacy Law: Virginia Becomes Second State to Pass Comprehensive Consumer Data Privacy Act

DOJ Concedes Error In Title 18 Insider Trading Convictions After Supreme Court’s “Bridgegate” Decision

Acting Director of SEC’s Corp Fin Issues Statement on Disclosure Risks Arising from De-SPAC Transactions

Acting Director of SEC’s Corp Fin Issues Statement on Disclosure Risks Arising from De-SPAC Transactions

ADGM enacts new Data protection Regulations 2021

United States Designates Myanmar Military Conglomerates

SEC Brings Rare Litigated Enforcement Action for Violation of Regulation FD

Cleary Gottlieb M&A Telegram Germany Q1 2021

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