On April 26, 2022, the Division of Examinations (the “Division”) of the Securities and Exchange Commission issued a Risk Alert listing notable examples of deficiencies that its staff has identified regarding investment...more
On October 28, 2021, at the American Bar Association’s National Institute on White Collar Crime, Deputy Attorney General Lisa O. Monaco announced revisions to the Department of Justice’s policies, all designed to strengthen...more
The Biden Administration this quarter announced fewer targeted sanctions, but issued several “whole of government” advisories regarding sanctions risks associated with China-related business dealings, as well as virtual...more
10/29/2021
/ Banking Sector ,
Banks ,
Cryptocurrency ,
Customs ,
Economic Sanctions ,
Enforcement Actions ,
Export Controls ,
Exports ,
Financial Institutions ,
Office of Foreign Assets Control (OFAC) ,
Sanctions
FOURTH QUARTER 2019 -
- Congress closes the year by passing new sanctions against China over human rights concerns, while OFAC clarifies the scope of recent actions against Chinese shipping companies.
- In the wake of...more
1/15/2020
/ AML/CFT ,
China ,
Compliance ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Export Controls ,
Exxon Mobil ,
Human Rights ,
Iran ,
Iran Sanctions ,
New Guidance ,
Office of Foreign Assets Control (OFAC) ,
Oil & Gas ,
Sanctions ,
Voluntary Disclosure
This quarter, the U.S. acted pursuant to statute to punish Russia for its alleged role in the chemical weapons attack on Sergei Skipal and targeted a handful of individuals and entities for certain other malign activities....more
10/21/2019
/ AML/CFT ,
Anti-Corruption ,
CAATSA ,
Criminal Conspiracy ,
Economic Sanctions ,
Enforcement Actions ,
Executive Orders ,
Export Controls ,
Exports ,
Office of Foreign Assets Control (OFAC) ,
Oil & Gas ,
Trump Administration
On July 3, 2019, Chairman Jay Clayton of the Securities and Exchange Commission (SEC) issued a Statement Regarding Offers of Settlement (the “Public Statement”) to announce a significant shift in the SEC’s process of...more
8/8/2019
/ Bad Actors ,
Cease and Desist Orders ,
Enforcement Actions ,
Financial Institutions ,
Investment Company Act of 1940 ,
Proposed Legislation ,
Public Statements ,
Rulemaking Process ,
SEC Commissioner ,
Securities and Exchange Commission (SEC) ,
Settlement Agreements ,
Settlement Negotiations
In this quarter, OFAC lifted sanctions on Rusal and other companies following divestment by Oleg Deripaska. Meanwhile, as Venezuela descends into economic and political crisis, the US targeted PdVSA and others to hasten...more
5/10/2019
/ Counter-Terrorist ,
Cuba ,
Economic Sanctions ,
Enforcement Actions ,
Foreign Policy ,
Helms-Burton Act ,
Iran ,
North Korea ,
Office of Foreign Assets Control (OFAC) ,
Russia ,
SDN List ,
Trade Relations ,
Trump Administration ,
Venezuela
Russia remained at the forefront this quarter, as the Trump Administration imposed new measures and markets reacted to the threat of additional, “crushing” sanctions from Congress on Russian sovereign debt. Meanwhile, EU...more
10/17/2018
/ CAATSA ,
Chemical Weapons ,
Counter-Terrorist ,
Economic Sanctions ,
Enforcement Actions ,
EU ,
Executive Orders ,
Financial Institutions ,
Joint Comprehensive Plan of Action (JCPOA) ,
Magnitsky Act ,
North Korea ,
Office of Foreign Assets Control (OFAC) ,
Oil & Gas ,
Russia ,
Sovereign Debt ,
Trump Administration ,
UK ,
Venezuela
The first six months of the Trump Administration saw several notable developments for US sanctions, with particular implications for Russia and Iran. The Administration also declared a shift in US policy toward Cuba. ...more
7/6/2017
/ Counter-Terrorist ,
Cuba ,
Drug Trafficking ,
Economic Sanctions ,
Enforcement Actions ,
Exxon Mobil ,
Foreign Policy ,
Iran Sanctions ,
North Korea ,
Office of Foreign Assets Control (OFAC) ,
Proposed Legislation ,
Russia ,
Trump Administration ,
Ukraine
The Securities and Exchange Commission (the SEC or the Commission) brought over 400 enforcement actions in the first half of 2016 and is on pace to surpass its record of 807 enforcements actions in a single fiscal year, which...more
7/20/2016
/ Administrative Proceedings ,
Books & Records ,
Broker-Dealer ,
Chief Compliance Officers ,
Cooperation ,
Corporate Counsel ,
Cybersecurity ,
Disgorgement ,
Enforcement Actions ,
Enforcement Statistics ,
Foreign Corrupt Practices Act (FCPA) ,
Insider Trading ,
Investment Adviser ,
Municipal Bonds ,
Securities and Exchange Commission (SEC) ,
Whistleblowers
On May 26, 2016, a three-judge panel of the United States Court of Appeals for the Eleventh Circuit issued SEC v. Graham, a significant decision that, at least in the Eleventh Circuit, limits the ability of the Securities and...more
After almost two years of negotiations, the P5+1 and Iran reach a final comprehensive agreement regarding Iran’s nuclear program, which will likely result in the gradual lifting of international and US sanctions by early next...more
8/4/2015
/ Cuba ,
Enforcement Actions ,
IAEA ,
Iran ,
Iran Sanctions ,
Joint Comprehensive Plan of Action (JCPOA) ,
Nuclear Weapons ,
Office of Foreign Assets Control (OFAC) ,
P5+1 Nations ,
Sanctions ,
State Sponsors of Terrorism
In this edition:
- US and EU continue targeting Russia for its activity in Ukraine
- Cuba-related regulatory reforms announced
- P5+1 and Iran reach framework agreement
- US enforcement actions:...more
4/23/2015
/ Commerzbank ,
Cuba ,
Cuban Assets Control Regulations (CACR) ,
Drug Trafficking ,
Enforcement Actions ,
Iran ,
Office of Foreign Assets Control (OFAC) ,
P5+1 Nations ,
Russia ,
Sanctions ,
Terrorist Threats ,
Ukraine
Recent OFAC and DOJ actions have focused on certain entities – overseas financial institutions – and particular conduct – US dollar clearing and associated “stripping.” The DOJ’s recent $232 million settlement and negotiated...more
4/17/2015
/ Criminal Prosecution ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Extraterritoriality Rules ,
Facilitation Payments ,
FFI ,
Internal Controls ,
Manufacturers ,
Office of Foreign Assets Control (OFAC) ,
Sanctions ,
Schlumberger
On April 1, 2015, the United States Securities and Exchange Commission (“SEC” or “Commission”) filed its first enforcement action under Section 21F of the Securities Exchange Act of 1934 (“Exchange Act”) and Exchange Act Rule...more
Fiscal year 2014 proved to be another eventful and record-breaking year for the Division of Enforcement (Enforcement Division) of the United States Securities and Exchange Commission (SEC or the Commission). Indeed, the...more
In this issue:
- US and EU continue sanctions against Russia for its activity in Ukraine;
- US and EU sanctions against the Crimea region;
- US makes major change in Cuban relations;
- The EU...more
1/14/2015
/ Crimea ,
Cuba ,
Drug Trafficking ,
Enforcement Actions ,
EU ,
Foreign Relations ,
Office of Foreign Assets Control (OFAC) ,
Russia ,
Sanctions ,
Syria ,
Trade Relations ,
Ukraine
In this issue:
- The Revised OFAC 50 Percent Rule
- U.S. and E.U. Sectoral Sanctions Targeting Russia
- Additional U.S. Sanctions Targeting Iran
- Sanctions Targeting Ongoing Conflicts in Syria,...more
10/21/2014
/ Banking Sector ,
Defense Sector ,
Energy Sector ,
Enforcement Actions ,
EU ,
Iran Sanctions ,
Joint Plan of Action ,
Office of Foreign Assets Control (OFAC) ,
Russia ,
SSI List ,
Sudan ,
Syria ,
Ukraine
While not nearly as transformative and dramatic as the first half of 2013 and the early days of Chair Mary Jo White and Director of Enforcement Andrew Ceresney, the first six months of 2014 was just as busy and productive...more
In this issue:
- US Authorities End Quarter Full of Enforcement Actions with $8.9 Billion BNP Settlement
- US and EU Make Numerous Ukraine-Related Designations as Separatist Aggression Continues
- US...more
Marked by leadership changes, high-profile trials, and shifting priorities, 2013 was a turning point for the Enforcement Division of the Securities and Exchange Commission (the “SEC” or the “Commission”). While the results of...more
1/9/2014
/ Accounting Fraud ,
Auditors ,
Bribery ,
Broker-Dealer ,
China ,
Deferred Prosecution Agreements ,
Disclosure ,
Dodd-Frank ,
Enforcement Actions ,
FIRREA ,
Foreign Corrupt Practices Act (FCPA) ,
Injunctions ,
Insider Trading ,
Investment Adviser ,
Mary Jo White ,
Municipal Securities Issuers ,
Neither Admit Nor Deny Settlements ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Statute of Limitations ,
Whistleblowers