Cleary Gottlieb Steen & Hamilton LLP

Latest from Cleary Gottlieb Steen & Hamilton LLP - Page 2

March 16, 2021

On March 11, 2021, President Biden signed into law the American Rescue Plan Act of 2021 (the “ARPA”), the much-debated $1.9 trillion COVID-19 stimulus legislation. The ARPA includes a provision, added by Senate amendment on March 6, 2021, which will further limit the deductibility of amounts deemed to be “excessive employee remuneration” under Section 162(m) of the Internal Revenue Code of 1986, as amended (“Section 162(m)”) for tax years starting after December 31, 2026. This…

Cleary M&A and Corporate Governance Watch

DOL Declines to Enforce Trump Administration Rules on ERISA Plan Investments, Proxy Voting

By Michael Albano, Mary E. Alcock, Alexander Kurtz & Francesca M. Crooks

March 16, 2021

On Wednesday, March 10, after engaging in conversations with stakeholders, the U.S. Department of Labor’s Employee Benefits Security Administration issued an enforcement policy statement in which it declined to enforce two DOL rules put in place by the Trump administration in 2020. The first of these rules placed limitations on the ability of plans subject to ERISA to invest in environmental, social and governance (“ESG”) funds. In particular, it provided that a fiduciary’s duty of…

Cleary Cybersecurity and Privacy Watch

District Court Dismisses Securities Fraud Claim Against FedEx Concerning Disclosures About NotPetya Cyberattack

By Alexis Collins & Jonathan Jaroslawicz

March 10, 2021

Last month, the United States District Court for the Southern District of New York granted a motion to dismiss in In re Fed Ex Corp. Securities Litigation, a putative class action securities fraud case filed against FedEx following numerous disclosures in 2017 and 2018 regarding the impact of a Russian cyberattack on its recently acquired subsidiary, TNT Express Services B.V (“TNT”).[1] The court held that the complaint failed to adequately plead that FedEx…

Cleary M&A and Corporate Governance Watch

Turning the Page: Highlights of the SEC’s Division of Examination’s 2021 Priorities

By Robin M. Bergen, Zachary Baum & Veronica Joubert

March 9, 2021

On March 3, 2021, the U.S. Securities and Exchange Commission (“SEC”) Division of Examinations (the “Division”)—formerly the Office of Compliance Inspections and Examinations—released its 2021 Examination Priorities (“2021 Priorities”). The 2021 Priorities generally retain perennial risk areas as the Division’s core focus, but do include several new and emerging risk areas reflecting broader policy shifts under new SEC leadership. The 2021 Priorities include: retail investors; information security and operational resilience; financial technology (“Fintech”), including digital…

Cleary Enforcement Watch

Colombian Corporate Regulatory Authority Expands Application of Compliance and Transparency Program Guidelines

By Lisa Vicens, Jonathan S. Kolodner, Andres Felipe Saenz & Benjamin Wertkin

March 9, 2021

Overview The Colombian Corporations Commission (La Superintendencia de Sociedades) (“Superintendencia”) has issued Resolution 100-006261, which requires the overwhelming majority of companies that are supervised by the Superintendencia and engage in international transactions to adopt and implement a compliance program – called a Business Transparency and Ethics program – by April 30, 2021. The program must be designed to prevent and detect violations of anti-bribery laws, in accordance with 2016 guidance. This is another example of…

Cleary FinTech Update

OFAC Settles with Digital Currency Payment Processor for Sanctions Violations

By Derek M. Bush, Paul Marquardt, Alexis Collins, Chase D. Kaniecki, Patrick Fuller, Michael G. Sanders & Megan Lindgren

March 9, 2021

On February 18, 2021, the U.S. Department of the Treasury, Office of Foreign Assets Control (OFAC) announced a $507,375 settlement with BitPay, Inc. (BitPay), a payment processor for merchants accepting digital currency as payment for goods and services, for 2,102 apparent violations of multiple sanctions programs between 2013 and 2018.[1] The settlement highlights that financial service providers facilitating digital currency transactions must not only establish sanctions compliance programs to screen their own customers but…

Cleary International Trade and Sanctions Watch

OFAC Settles with Digital Currency Payment Processor for Sanctions Violations

By Derek M. Bush, Paul Marquardt, Alexis Collins, Chase D. Kaniecki, Patrick Fuller, Michael G. Sanders & Megan Lindgren

March 9, 2021

Cleary Enforcement Watch

OFAC Settles with Digital Currency Payment Processor for Sanctions Violations

By Derek M. Bush, Paul Marquardt, Alexis Collins, Chase D. Kaniecki, Patrick Fuller, Michael G. Sanders & Megan Lindgren

March 9, 2021

Cleary Cybersecurity and Privacy Watch

11th Circuit Rejects Standing Based on Heightened Risk of Identity Theft in Data Breach Suit

By Alexis Collins & Jonathan Jaroslawicz

March 9, 2021

Last month, the Eleventh Circuit Court of Appeals dismissed claims brought in a putative class action seeking damages for disclosure of credit card information in a data breach resulting from a cyberattack. In I Tan Tsao v. Captiva MVP Restaurant Partners, LLC., the court held that the named plaintiff could not establish standing to sue based on allegations that the data breach created a “continuing increased risk of harm from identity theft and identity fraud”…

Cleary Cybersecurity and Privacy Watch

OFAC Settles with Digital Currency Payment Processor for Sanctions Violations

By Derek M. Bush, Paul Marquardt, Alexis Collins, Chase D. Kaniecki, Patrick Fuller, Michael G. Sanders & Megan Lindgren

March 9, 2021

Cleary Gottlieb Steen & Hamilton LLP

ARPA to Expand 162(m) Limits on Executive Compensation

DOL Declines to Enforce Trump Administration Rules on ERISA Plan Investments, Proxy Voting

District Court Dismisses Securities Fraud Claim Against FedEx Concerning Disclosures About NotPetya Cyberattack

Turning the Page: Highlights of the SEC’s Division of Examination’s 2021 Priorities

Colombian Corporate Regulatory Authority Expands Application of Compliance and Transparency Program Guidelines

OFAC Settles with Digital Currency Payment Processor for Sanctions Violations

OFAC Settles with Digital Currency Payment Processor for Sanctions Violations

OFAC Settles with Digital Currency Payment Processor for Sanctions Violations

11th Circuit Rejects Standing Based on Heightened Risk of Identity Theft in Data Breach Suit

OFAC Settles with Digital Currency Payment Processor for Sanctions Violations

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