The increasing interconnectivity of global markets has become a significant driver of the regulatory and enforcement trends of U.S. and foreign nations. In 2016, U.S. authorities continued their aggressive approach to investigating and charging individuals and entities, both foreign and domestic, on the basis of alleged misconduct that occurred substantially outside of the U.S. But the U.S. did not pursue these cases on its own. Increasingly, individuals and entities caught in the cross-hairs of a cross-border investigation have become subjects of investigations and enforcement actions brought by multiple jurisdictions. As evident in 2016, the U.S. authorities often work together with their foreign counterparts in investigating and prosecuting alleged misconduct. In other instances, U.S. and foreign authorities maintain separate but parallel investigations and enforcement actions that concern the same cross-border conduct. Similarly, certain conduct has become the focus of overlapping legislation and regulation by the U.S. and foreign nations.