On May 27, 2026, the Department of Justice (DOJ) Civil Division announced an accelerated approach to the review of False Claims Act (FCA) qui tam actions concerning fraud involving federally funded, state-administered benefits programs. In making the announcement, Assistant Attorney
Cleary Enforcement Watch
News and Analysis Related to Global Enforcement, White-Collar, and Regulatory Trends and Developments
Cleary Enforcement Watch, published by Cleary Gottlieb Steen & Hamilton LLP, focuses on enforcement developments and regulatory updates primarily in the areas of securities regulation, white-collar defense, and national security law. The blog covers topics such as SEC examination priorities, DOJ enforcement policies including sanctions and export controls, voluntary self-disclosure frameworks in mergers and acquisitions, and evolving criminal enforcement strategies. It also addresses issues related to cybersecurity, emerging technologies like artificial intelligence, compliance programs, and international trade controls. The content is aimed at legal professionals and corporate clients seeking insights into enforcement trends and government investigations.
SEC Proposes Registered Offering Reform: Blue-Sky Preemption a Key Win for Non-Exchange Traded REITs and BDCs
On May 19, 2026, the Securities and Exchange Commission (SEC) proposed amendments in a “Registered Offering Reform” package (the Proposal) that would make it significantly easier for public companies to raise capital through registered offerings of securities. Notably, among other…
Deny With Care: SEC Rescinds Settlement “Gag Rule,” Creating Risks and Opportunities for Settling Defendants
Yesterday, the Securities and Exchange Commission rescinded its so-called “gag rule,” which for fifty years had prohibited a settling defendant from publicly denying the allegations in a settled SEC Enforcement action.[1] The policy shift has received significant media attention,…
New SEC Enforcement Director David Woodcock Outlines Enforcement Priorities, Including Focus on Financial Reporting and Private Funds
In his first public remarks, delivered just days into his tenure, SEC Enforcement Division Director David Woodcock announced that he will “provide hands-on leadership” to make sure SEC Enforcement investigators “focus on the fundamentals,” which he defined as “protecting investors…
SEC and CFTC Jointly Propose Amendments to Reduce Form PF Reporting Burdens
On April 20, 2026, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) (collectively, the Commissions) jointly proposed amendments to Form PF, which if passed, would increase certain reporting thresholds, eliminate certain filing and reporting obligations,…
California Diversity Reporting Law for Venture Capital Funds Pushed to 2027 (Or Later)
California’s statute on Fair Investment Practices by Venture Capital Companies (the “VC Diversity Law”) was originally scheduled to come into effect in 2026, with an initial registration date of March 1, 2026 to self-identify as a venture capital company subject…
Enforcers Target Fund Valuation Practices
Fund valuation practices have been a recent focus of the SEC and, increasingly, federal prosecutors. Two enforcement actions settled in recent weeks make clear that the SEC is actively pursuing a broad array of valuation-related cases, from the use of…
DOJ Releases First Department-Wide Corporate Enforcement Policy
On March 10, 2026, the Department of Justice (DOJ) announced its first Department-wide Corporate Enforcement and Voluntary Self-Disclosure Policy (CEP) for criminal matters, with the exception of antitrust. The CEP explicitly supersedes any previously-issued policies by DOJ components or U.S.…
The Shifting SEC Enforcement Landscape: 2025 Year-in-Review
The following is part of our annual publication Selected Issues for Boards of Directors in 2026. Explore all topics or download the PDF.
Fiscal year 2025 was a year of extremes in terms of the number of enforcement actions brought…
Significant Developments to DOJ Enforcement Priorities
The following is part of our annual publication Selected Issues for Boards of Directors in 2026. Explore all topics or download the PDF.
The past year brought significant changes to the Department of Justice (DOJ) following the changeover to the…