On June 8th, the SEC Division of Examinations (the “Division”) published a risk alert expanding the areas of focus for its ongoing examination sweep of compliance with Rule 206(4)-1 (the “Marketing Rule”) under the Investment Advisers Act of 1940 (the
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 9
The First Shoe Drops—SEC Adopts the Initial Amendments to Form PF
On May 3, 2023, the U.S. Securities and Exchange Commission (“SEC”) adopted amendments to Form PF, the confidential reporting form for certain SEC-registered investment advisers (“RIAs”) to private funds. The amendments are part of the SEC’s effort to bolster the…
France Revises Internal Investigation and Corporate Enforcement Guidelines
By Cleary Gottlieb & dmulloy
On March 14, 2023, the French Anticorruption Agency and the National Financial Prosecutor’s office jointly issued updated guidance about anticorruption internal investigations (Les enquêtes internes anticorruption – Guide pratique, the “Guide”).
This follows the announcement earlier this year of important…
SEC Continues to Shine Light on Cyber and Data Security: Proposes Amendments to Regulation S-P
On March 15, 2023, the U.S. Securities and Exchange Commission (“SEC”) issued proposed amendments (the “Proposal”) to Regulation S-P, which governs the treatment of nonpublic personal information about consumers by broker-dealers, registered investment advisers, registered investment companies, and…
SEC Risk Alert Identifies Key Compliance Issues for New (and Not New) Registered Advisers
On March 27th, the SEC Division of Examinations (the “Division”) published a risk alert affirming its long-standing interest in conducting reasonably prompt examinations of newly registered advisers. The risk alert provides an examination ‘how to’ guide for new advisers, describing…
Italy Implements European Directive on Whistleblowing
By Cleary Gottlieb & dmulloy
On March 9, 2023, the Council of Ministers approved Legislative Decree No. 24 of March 10, 2023 (the “Decree”) implementing Directive (EU) 2019/1937 on whistleblowing(the “Directive”), which partially amends the draft decree that was preliminarily approved on December 9, 2022…
Department of Justice Announces Revisions to Criminal Division Policies
On March 3, 2023, Assistant Attorney General (“AAG”) Kenneth A. Polite announced revisions to two Department of Justice (the “DOJ”) Criminal Division policies and the launch of a new pilot program, as well as a forthcoming re-issuance of the FCPA…
DOJ and SEC Charge Healthcare Executive With Insider Trading Through a Rule 10b5-1 Trading Plan, Marking DOJ’s First Such Indictment
On March 1, 2023, the U.S. Department of Justice and the Securities and Exchange Commission announced insider trading charges against Terren Peizer, the CEO and Chairman of a California-based healthcare services company called Ontrak, Inc. (the “Company”) for allegedly selling…
U.S. Attorney’s Offices Issue Nationwide Corporate Voluntary Self-Disclosure Policy
On February 22, 2023, the Department of Justice announced a new corporate Voluntary Self-Disclosure Policy for U.S. Attorney’s Offices nationwide (the “USAO Policy”).…
FinCEN Proposes Rule Regarding Access to Beneficial Ownership Information under the Corporate Transparency Act
On December 15, 2022, the Financial Crimes Enforcement Network (“FinCEN”) of the Department of the Treasury announced a Notice of Proposed Rulemaking (the “Access Rule NPRM”)[1] to implement the requirements of the Corporate Transparency Act (“CTA”) with respect to…