On Friday, September 18, 2026, the U.S. Department of Justice (DOJ) announced revisions to two Justice Manual sections governing False Claims Act (FCA) enforcement. The revisions narrow DOJ’s enforcement approach in two respects. First, DOJ revised Justice Manual § 1-19.000
Cleary Gottlieb Steen & Hamilton LLP Blogs
Latest from Cleary Gottlieb Steen & Hamilton LLP
Treasury Imposes First Penalty Under the Outbound Investment Security Program
On October 7, 2026, the U.S. Department of the Treasury (Treasury) announced that it had issued the first civil monetary penalty under the Outbound Investment Security Program (OISP) in July 2026.[1] Treasury penalized Amidi, LLC (Amidi), a U.S. entity,
New Home, New Rules: Texas Business Court Holds Texas Pre-Suit Demand Rules Apply to Shareholder Derivative Suit Alleging Pre-Reincorporation Misconduct
On October 2, 2026, in Guillaume v. Armstrong,[1] Judge Andrea K. Bouressa dismissed a shareholder derivative action against Coinbase Global, Inc. (Coinbase) and its directors, holding that Texas law, rather than Delaware law, governs a shareholder’s standing and authority
SEC Proposes Significant Amendments to Enhance Retail Exposure to Private Markets
On September 30, 2026, the Securities and Exchange Commission (SEC) proposed several amendments to existing rules in a package (collectively, the Proposal) that would, if adopted as proposed, significantly expand retail investor access to private markets through regulated fund structures.
Faster, Leaner, Clearer – The FCO’s 2026 Settlement Notice in a Nutshell
On August 19, 2026, ten years after having issued the previous version, the German Federal Cartel Office (FCO) published its updated, revised Notice on Settlements in Cartel Fine Proceedings (Merkblatt Settlement, in the following the 2026 Settlement Notice).[1]
The CMA’s Revised Merger Assessment Guidelines: More Detail on How to Bring Successful Efficiencies Arguments
On September 3, 2026, the UK Competition and Markets Authority (CMA) published revised Merger Assessment Guidelines (MAGs). The revised MAGs replace the previous guidelines from March 18, 2021.[1]
EDEKA/Tegut Merger Cleared With Extensive Commitments
Background
The German food retail sector has long faced intense scrutiny from the Federal Cartel Office (FCO). Following a major 2014 sector inquiry into buyer power, the regulator has consistently maintained a strict stance on industry dealmaking: blocking EDEKA’s proposed
Treasury Imposes First Penalty Under the Outbound Investment Security Program
On October 7, 2026, the U.S. Department of the Treasury (Treasury) announced that it had issued the first civil monetary penalty under the Outbound Investment Security Program (OISP) in July 2026.[1] Treasury penalized Amidi, LLC (Amidi), a U.S. entity,
Antitrust Review Episode 70: In Conversation With the Booking/eTraveli Team
In our latest Antitrust Review podcast, host Nick Levy hosts a panel discussion of the European General Court’s judgment upholding the European Commission’s landmark prohibition of the Booking/eTraveli transaction. Enrique Gonzalez-Diaz, who represented Booking before the Court, Chris Cook, Anita
SEC Rescission of the Pay-to-Play Rule: How Much Better Off Are Investment Advisers?
The proposed rescission of Rule 206(4)-5 (the Pay-to-Play Rule) under the Investment Advisers Act of 1940 (the Advisers Act) by the Securities and Exchange Commission (the SEC) has generally been celebrated by industry participants and observers. However, the relief may