There has been a major shift in the European Union (“EU”) in recent years around Environment, Social and Governance (“ESG“), from voluntary corporate social responsibility initiatives to a much more regulated and legislation-driven ESG regime. A key component driving this shift is the Corporate Sustainability Due Diligence Directive of June 13, 2024 (“CS3D”),[1] which established...… The post ESG Due Diligence Update: First lessons from Recent Rulings in the EU appeared first on Global Investigations & Compliance Review ..read more

The UK and US enforcement agencies have been actively pursuing insider dealing (“insider trading”, in US parlance) since the COVID-19 pandemic ended. The UK and US have different securities enforcement regimes, but both have seen recent developments expanding the scope of conduct that can be prosecuted. For individuals and organizations trading across multiple jurisdictions, it...… The post Insider Dealing: Increasing Scope and Greater Focus from UK and US Enforcement – Are You up to Speed? appeared first on Global Investigations & Compliance Review ..read more

On June 27, 2024, the Supreme Court issued its opinion in Securities Exchange Commission v. Jarkesy.  The Court held that the Seventh Amendment entitles a defendant to a jury trial when the SEC seeks civil penalties for securities fraud, because these cases replicate common law fraud claims.  S.E.C. v. Jarkesy, No. 22-859, slip op. at...… The post SEC v. Jarkesy: Possible Implications for the SEC’s FCPA Enforcement appeared first on Global Investigations & Compliance Review ..read more

The President’s signing of the 21st Century Peace through Strength Act (the “Act”)[1] on April 24, 2024 marked one of the most significant expansions of the sanctions enforcement authority of the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”). For many decades OFAC’s civil enforcement actions have been limited to five years...… The post OFAC Guidance on the Statute of Limitations Extension appeared first on Global Investigations & Compliance Review ..read more

At Global Investigations and Compliance Review, we’ve been keeping close tabs on the fallout from the Supreme Court decisions at the end of June. We mentioned in a previous post that the SEC v. Jarkesy opinion may have consequences beyond the specific situation of SEC civil penalties.  As we think about this more, there could be further implications even for state enforcement programs.  State agencies usually aren’t concerned with the Seventh Amendment, because it is assumed not to apply to states.  (The Seventh Amendment states the right to a jury in appropriate civil cas ..read more

In this article, we summarize the trends that have emerged from enforcement actions published between 2022 and the present day by the Dubai Financial Services Authority (the “DFSA”). DFSA Enforcement Broadly speaking, the DFSA is responsible for authorizing and registering institutions and individuals wishing to conduct financial services in or from the Dubai International Finance Centre (“DIFC”), Dubai’s special economic zone for financial services. The DFSA also is responsible for supervising regulated participants by monitoring and enforcing their compliance with applicable laws, regulatio ..read more

Join #TeamSPB’s Ben Glassman, Keith Bradley and Patricia Doersch for a timely webinar on the major decisions recently issued by SCOTUS.  The panel will cover each of the recent decisions (Loper Bright v. Raimondo, SEC v. Jarkesy, Ohio v. EPA, and Corner Post v. the Fed) and discuss the consequences, as well as the opportunities and challenges, that may lie ahead.  Key topics will include: What does the 2024 revolution mean for the future of the administrative state? What opportunities does it present for litigating against the government? How will it affect agency decision making ..read more

With its second of two landmark decisions impacting the future of federal agency enforcement, SCOTUS struck down the Chevron decision last week.  In a 6-3 decision in Loper Bright Enterprises v. Raimondo, the Court shifted enforcement power away from agencies and to the federal courts. The implications of the Chevron decision are both significant and wide-reaching.  Our team of specialists from government investigations, policy, appellate, and litigation dive into the key aspects of the decision as well as risks and opportunities in Chevron Has Fallen: Supreme Court Seismically Shif ..read more

With the recent SCOTUS decision overturning Chevron, lawyers involved in administrative litigation are considering how the decision will affect their matters.  Sanctions litigation is one area which will be impacted.  Now, when sanctions designations are challenged in court, the government will no longer be able to simply invoke Chevron deference and Specially Designated Nationals (“SDNs”) will have better chances of getting delisted. As a result, OFAC and State will presumably be more cautious in imposing sanctions.  In April, I wrote a short post for the Bribery Matters blog ..read more

In December 2023, the U.S. Securities and Exchange Commission’s (“SEC”) new rule requiring disclosure of material cybersecurity incidents became effective. SPB previously analyzed how the new rule applies to incidents affecting third-party vendors and what companies can do to manage reporting risks created by third-party cybersecurity incidents. In the first half of 2024, more than a dozen companies reported cybersecurity incidents pursuant to the new rule using the new Item 1.05 in the updated Form 8-K. The new Item 1.05 requires an issuer to disclose specific information about a cybersecuri ..read more