Philip Urofsky

Philip Urofsky

Shearman & Sterling LLP

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D.C. Circuit Upholds Constitutionality of SEC Administrative Proceedings

On August 9, 2016, a three-judge panel of the United States Court of Appeals for the District of Columbia Circuit issued Lucia v. SEC, a significant decision that holds that the Securities and Exchange Commission’s (“SEC” or...more

8/17/2016 - Administrative Hearings ALJ Appointments Clause Article II SEC

Securities Enforcement: 2016 Mid-Year Review

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 FCPA Insider Trading Investment Adviser Municipal Bonds SEC Whistleblowers

NYS Department of Financial Services Outlines Requirements for Transaction Monitoring and Filtering Programs of NY State-Licensed...

On June 30, 2016, the New York State Department of Financial Services (“NYSDFS”) adopted a final regulation outlining the attributes of a risk-based transaction monitoring and filtering program that certain New York...more

7/20/2016 - BSA/AML Financial Institutions NYDFS OFAC Transaction Monitoring

Recent Trends and Patterns in the Enforcement of the Foreign Corrupt Practices Act (FCPA) / FCPA Digest

Shearman & Sterling’s bi-annual Trends & Patterns report provides insightful analysis of recent enforcement trends and patterns in the US, the UK, and elsewhere as well as helpful guidance on emerging best practices in FCPA...more

7/5/2016 - Books & Records Chief Compliance Officers Compliance Declination Deferred Prosecution Agreements Enforcement Statistics FCPA Federal Pilot Programs Internal Controls Non-Prosecution Agreements Settlement Agreements Strategic Enforcement Plan Subsidiaries UK Bribery Act

Eleventh Circuit Rules Disgorgement Subject to Five-Year Limitations Period, Ruling Against SEC

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

6/13/2016 - Disgorgement Enforcement Actions Injunctive Relief SEC Statute of Limitations

To Self-Report or Not to Self-Report, That Remains the Question After the Justice Department’s Latest Effort to Encourage...

On April 5, 2016, the United States Department of Justice, Criminal Division, Fraud Section launched a one-year Pilot Program that invites companies to self-report potential violations of the Foreign Corrupt Practices Act...more

5/2/2016 - Compliance Cooperation DOJ FCPA Federal Pilot Programs Voluntary Disclosure

Sanctions Round Up First Quarter 2016

OFAC amends the Cuban Assets Control Regulations to ease Cuban sanctions in response to President Obama’s policy changes announced on December 17, 2014. These revisions have major implications for the banking and financial...more

4/18/2016 - Boeing Cuban Assets Control Regulations (CACR) EU General Licenses Iran Sanctions Myanmar OFAC Russia Sudan Syria United Nations

Securities Enforcement 2015 Year-End Review

The Securities and Exchange Commission (the SEC or the Commission) filed a record 807 enforcement actions in fiscal year 2015, 52 more than it filed in 2014. It also set a record by obtaining approximately $4.2 billion in...more

2/4/2016 - Administrative Hearings Chief Compliance Officers Cybersecurity Enforcement Statistics Insider Trading SEC Securities Fraud US v Newman Whistleblowers

Sanctions Round-Up: Fourth Quarter 2015 and “Implementation Day”

The International Atomic Energy Agency certifies that Iran had complied with all nuclear-related requirements of the Joint Comprehensive Plan of Action leading to the end of United States sanctions against the country...more

1/21/2016 - Cuban Assets Control Regulations (CACR) IAEA Implementation Day Iran Sanctions Joint Comprehensive Plan of Action (JCPOA)

Navigating Iran Sanctions After Implementation Day

Although the United States, the European Union, and the United Nations lifted a number of sanctions targeting Iran on January 16, 2016 (“Implementation Day”) in accordance with the terms of the recent Iran nuclear deal, the...more

1/21/2016 - Embargo EU General Licenses Implementation Day Iran Sanctions Joint Comprehensive Plan of Action (JCPOA)

FCPA Digest - January 2016

The FCPA Digest provides and an invaluable compendium of all Foreign Corrupt Practices Act (FCPA) enforcement actions and private actions including US foreign bribery proceedings including criminal prosecutions, DOJ foreign...more

1/5/2016 - Bank of New York (BNY) Mellon BHP Billiton Bristol-Myers Squibb Criminal Prosecution DOJ Enforcement Actions FCPA Goodyear Hitachi PBSJ Corporation PetroTiger SEC

Second Circuit Determines That Tax Memo Shared Between Taxpayers and Banks Is Protected Under the Common Interest Doctrine and...

On November 10, 2015, the US Court of Appeals for the Second Circuit unanimously held in a published opinion that (i) the attorney-client privilege was not waived by appellants-taxpayers who shared a group of documents,...more

11/13/2015 - Audits Common-Interest Privilege Corporate Taxes IRS Work Product Privilege

Iran Sanctions Relief: Opportunities and Challenges for US and EU Financial Institutions

Although US and EU sanctions targeting Iran are not likely to be lifted before early 2016, there are a number of issues which US and EU-based financial institutions should be aware of in preparation for sanctions relief as a...more

9/28/2015 - Banking Sector EU Financial Institutions Implementation Day International Atomic Energy Agency Iran Iran Sanctions Joint Comprehensive Plan of Action (JCPOA) OFAC P5+1 Nations SDN List

Latin America Corruption: Keep Calm, Carry On?

Recently, governmental authorities have pursued corruption investigations in Latin America with a vigor traditionally not seen. One potential result is a significant disruption of business. While there are inherent risks in...more

8/12/2015 - Chief Compliance Officers Complex Corporate Transactions Compliance Due Diligence Enforcement Actions FCPA Government Investigations Joint Venture Latin America Lockheed Martin Nokia Risk Assessment Risk Mitigation Siemens

Sanctions Round Up: Second Quarter 2015

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 OFAC P5+1 Nations Sanctions State Sponsors of Terrorism

Looking Forward to Lifting of Sanctions Against Iran

After almost two years of negotiations, on July 14, 2015, the E3/EU+3 (China, France, Germany, Russia, the United Kingdom and the United States) and Iran reached an agreement regarding Iran’s nuclear program. The Joint...more

7/16/2015 - Banking Sector Energy Sector Foreign Relations IAEA Inspections Iran Iran Sanctions Joint Comprehensive Plan of Action (JCPOA) Nuclear Power P5+1 Nations SDN List Trade Relations

Changes to Sanctions on Iran

What are the prospects for business with Iran after the June 30 deadline to complete negotiations over Iran’s nuclear program? In exchange for limitations on Iran’s ability to develop nuclear weapons, the European Union...more

6/18/2015 - EU Foreign Relations Iran Iran Sanctions Nuclear Power Trade Relations United Nations

FIFA and BHP Billiton: The Unique FCPA Challenges Present in International Sports

Recent enforcement actions by the Department of Justice and Securities and Exchange Commission have raised the profile of corruption in international sport and highlight unique FCPA compliance concerns. This note will explain...more

6/15/2015 - BHP Billiton Bribery Compliance Corporate Counsel Corruption DOJ FCPA FIFA Football Indictments Match Fixing Olympics Popular SEC Soccer Sports World Cup

Changes in US Sanctions on Cuba Present Opportunities and Challenges

The Obama Administration’s recent loosening of trade restrictions on Cuba has the potential to open new opportunities for US businesses. However, there are several obstacles to be overcome before US companies may access...more

5/13/2015 - Cuba Cuban Assets Control Regulations (CACR) EAR Economic Development Entrepreneurs Export Administration Regulations Export Controls Exports Imports Regulatory Standards Sanctions Trade Relations

Sanctions Round-Up: First Quarter 2015

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 OFAC P5+1 Nations Russia Sanctions Terrorist Threats Ukraine

"Facilitation": A New Tool for Extraterritorial Sanctions Enforcement?

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 DOJ Enforcement Actions Extraterritoriality Rules Facilitation Payments FFI Internal Controls Manufacturers OFAC Sanctions Schlumberger

SEC Says Confidentiality Agreements May Impede Whistleblowers

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

4/3/2015 - Confidentiality Agreements Contract Terms Enforcement Actions KBR (formerly Kellogg Brown & Root) SEC Whistleblower Protection Policies Whistleblowers

Securities Enforcement 2014 Year-End Review

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

1/29/2015 - Broken Windows Enforcement Actions Enforcement Statistics SEC Strategic Enforcement Plan

Sanctions Round-Up: Fourth Quarter 2014

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 OFAC Russia Sanctions Syria Trade Relations Ukraine

Recent Trends and Patterns in Foreign Corrupt Practices Act (FCPA) Enforcement

In this memo: - Enforcement Actions and Strategies - Perennial Statutory Issues - Compliance Guidance - Unusual Developments - Private Litigation - Enforcement in the United...more

1/8/2015 - Administrative Hearings Alcoa Alstom Avon Bio-Rad Laboratories Bruker Dallas Airmotive DOJ Enforcement Actions FCPA FOIA Foreign Official Foreign Subsidiaries Layne Christensen Co SEC Smith & Wesson Whistleblower Awards

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