With its decision in Securities and Exchange Commission v. Keener (May 29, 2024), the U.S. Court of Appeals for the Eleventh Circuit has now twice in the span of four months affirmed a broad interpretation of who is considered a
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.
Latest from Cleary Enforcement Watch - Page 6
Fifth Circuit Vacates Private Fund Adviser Rules in Entirety
On June 5, 2024, the U.S. Court of Appeals for the Fifth Circuit issued its opinion on National Association of Private Fund Managers et. al. vs. Securities and Exchange Commission, the lawsuit brought by a group of trade associations representing…
SEC Adopts Amendments to Reg S-P
On May 16, 2024, the Securities and Exchange Commission (the “Commission” or “SEC”) adopted a final set of amendments (the “Final Amendments”) to Regulation S-P (“Reg S-P”) to require “covered institutions,” which include SEC-registered investment advisers (“RIAs”) and broker-dealers, to…
Statute of Limitations for U.S. Sanctions Violations Extended from Five to Ten years
On April 24, 2024, President Biden signed into law H.R. 815, a foreign aid bill containing a provision that doubles the statute of limitations (SoL) for civil and criminal violations of U.S. sanctions and other national security programs from…
DOJ Announces New Pilot Program Seeking Voluntary Self-Disclosures from Culpable Individuals Aimed At Uncovering Corporate Misconduct
On April 15, 2024, the Criminal Division of the Department of Justice (“DOJ”) launched the Pilot Program on Voluntary Self-Disclosure for Individuals (“the Individual VSD Pilot Program”), which represents the latest in a string of announcements by DOJ focused on…
SEC Announces Reforms for Internet Investment Advisers
On March 27, 2024, the U.S. Securities and Exchange Commission (“SEC”) announced amendments to the Internet Adviser Exemption, which permits investment advisers that provide advisory services through the internet (“Internet Investment Advisers”) to register with the SEC under the Investment…
SEC Announces “AI-Washing” Cases Against Investment Advisers
On March 18, 2024, the SEC announced two enforcement actions against investment advisers for so-called “AI-washing” and violations of the Marketing Rule. Using the playbook from the Enforcement Division’s “green-washing” cases in the ESG space, the SEC found that the…
SEC Approves Amendments to Enhance Disclosure of Order Execution Information
On March 6, 2024, the Securities and Exchange Commission (“SEC” or “Commission”) adopted amendments to the disclosure requirements of Rule 605 of Regulation NMS for order executions of stocks listed on a national securities exchange.[1] The final rule…
FinCEN Tries Again . . . to Impose AML Requirements on Investment Advisers
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”)…
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…