On February 15, 2024, the U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) released a notice of proposed rulemaking (the “Proposed Rule”)[1] that would impose anti-money laundering/countering the financing of terrorism (“AML/CFT”) compliance obligations on SEC-registered investment advisers (“RIAs”)
Cleary Enforcement Watch
News and Analysis Related to Global Enforcement, White-Collar, and Regulatory Trends and Developments
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Crypto & Digital Assets
The crypto space has witnessed significant activity over the last year and is expected to continue generating new litigation risks in 2024 and beyond. The volatility of cryptocurrency values, the complex nature of the technology, the lack of regulation, and…
Private Enforcement of ESG Issues
Environmental, Social and Governance (“ESG”) issues continue to be prevalent in the disputes space, and claimants are continuing to employ creative legal tools to hold companies accountable for their actions.…
2023 Year-in-Review: Developments and Trends in White Collar Enforcement Litigation
The following post was originally included as part of our recently published memorandum “Selected Issues for Boards of Directors in 2024”.
The Securities and Exchange Commission (SEC) and Department of Justice (DOJ) both accelerated their enforcement efforts in…
SDNY Announces Whistleblower Pilot Program For Individuals Who Self-Disclose Wrongdoing Involving Business Organizations
On January 10, 2024, the U.S. Attorney’s Office for the Southern District of New York (“SDNY”) announced the creation of the SDNY Whistleblower Pilot Program (the “Pilot Program”).[1] Under the Pilot Program, individuals who self-disclose certain criminal misconduct…
CFTC Publishes Proposed Guidance on Futures Exchanges’ Listings of Voluntary Carbon Credits and What this Means in the Context of Other Developments in this Market
On December 4, 2023, the Commodity Futures Trading Commission (“CFTC”) issued for public comment proposed guidance regarding the listing by designated contract markets (“DCMs”) of voluntary carbon credit (“VCC”) derivative contracts (the “Proposed Guidance”). …
Congress Passes Foreign Extortion Prevention Act to Prosecute Corrupt Foreign Officials
On December 14, 2023, Congress passed the Foreign Extortion Prevention Act (“FEPA”) with bipartisan support as part of the 2024 National Defense Authorization Act (“NDAA”). …
SEC Announces FY 2023 Enforcement Results with Second-Highest Penalties on Record
On November 14, the Securities and Exchange Commission announced its enforcement results for the 2023 fiscal year,[1] with case numbers up from fiscal year 2022 and monetary sanctions at the second highest level in the agency’s history, though down…
SEC Finalizes Rule Requiring Securities Loan Reporting
On October 13, the Securities and Exchange Commission (the “SEC”) adopted new rule 10c-1a (the “Rule”), which establishes broad reporting requirements of the terms of securities loans to the Financial Industry Regulatory Authority (“FINRA”) for public dissemination. Aimed at increasing…
SEC Adopts New Short Position Reporting Requirements for Market Participants
On October 13, 2023, the U.S. Securities and Exchange Commission (“SEC”) adopted (i) a new Rule 13f-2 under the Securities Exchange Act of 1934 (the “Exchange Act”) which will require a wide range of firms to file monthly reports with…