News & Analysis as of September 19, 2024

Compliance › Foreign Entities

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Compliance programs typically refer to formalized institutional procedures within corporations and organizations to detect, prevent and respond to indvidual and widespread instances of regulatory violations. In response to many corporate scandals evidencing rampant unethical business practices, many nations, including the United States, began passing strict regulatory frameworks aimed at curbing these abuses. Notable pieces of legislation in this area include the U.S. Foreign Corrupt Practices Act (FCPA), Sarbanes-Oxley (SOX), and the U.K. Bribery Act, to name a few. The foregoing statutes and the severe penalties often associated with them form the basis of many modern institutional compliance programs. less -

CFIUS Compliance Tips for 2024

Oberheiden P.C. on 4/9/2024

The Committee on Foreign Investment in the United States (CFIUS) is an interagency committee that reviews foreign investments in U.S. businesses and real estate assets. The primary purpose of a CFIUS review is to examine any...more

How to Select a CFIUS Lawyer

Oberheiden P.C. on 3/19/2024

For foreign entities that need approval from the Committee on Foreign Investment in the United States (CFIUS) to pursue investments in the U.S., working with experienced legal counsel is essential. While CFIUS will approve...more

FDA Issues Numerous Warning Letters

Gardner Law on 3/12/2024

The U.S. Food and Drug Administration (FDA) uses warning letters to notify manufacturers that they have violated the FDA’s regulations or federal law. Manufacturers that receive warning letters must respond promptly, and they...more

Alabama Federal District Court Declares CTA Unconstitutional: Here's What You Need to Know

Venable LLP on 3/8/2024

The Corporate Transparency Act (CTA), which became effective on January 1, 2024, was enacted to combat the use of shell companies by those seeking to evade anti-money laundering laws and economic sanctions. ...more

Corporate Transparency Act: Understanding the “Large Operating Company” Exemption

Clark Hill PLC on 3/7/2024

On Jan. 1, the new Corporate Transparency Act (“CTA”) came into effect and imposes reporting obligations on domestic and foreign entities that are within the scope of the definition of “reporting company” under the statute....more

Corporate Transparency Act: What You Need to Do Now

Smith Anderson on 1/30/2024

As discussed in our prior alert, effective as of January 1, 2024, the Corporate Transparency Act and rules issued thereunder by the Financial Crimes Enforcement Network (“FinCEN”) (collectively, the “CTA”) require most U.S....more

Document Subpoena from US Authorities: Critical Steps

Barnea Jaffa Lande & Co. on 12/13/2023

Receiving a document subpoena from the DOJ, the SEC, or any other US regulatory authority is a stressful and unpleasant situation. Things may seem even more stressful and complicated if you are a foreign national or company...more

How Does the IRS Use AI to Identify Tax Cheats?

Allen Barron, Inc. on 12/13/2023

Could Artificial Intelligence (AI) increase the likelihood of an IRS audit in your future? How does the IRS use AI to identify US taxpayers who attempt to hide assets, under-report income or otherwise cheat the IRS? In...more

Clean Vehicle Tax Credit – Foreign Entity of Concern Rules Proposed

Akin Gump Strauss Hauer & Feld LLP on 12/7/2023

On December 1, 2023, the Department of the Treasury and the Internal Revenue Service (IRS) issued proposed regulations (REG-118492-23) with additional guidance on the excluded entities provision in the section 30D clean...more

DOJ: Stanford FCA Case Involved Failures to Disclose Foreign Support From Seven Countries

Health Care Compliance Association (HCCA) on 10/26/2023

Report on Research Compliance 20, no. 11 (November, 2023) It wasn't just China. China is among the countries whose support for Stanford University investigators wasn’t reported to five federal research funding agencies,...more

SEC’s New Cyber Disclosure Rule: Challenges, Consequences, And Compliance

K2 Integrity on 10/18/2023

The U.S. Securities and Exchange Commission’s (SEC) impending cyber disclosure rule, slated to commence on 15 December 2023, underscores an imperative shift towards a more transparent and accountable cybersecurity posture for...more

OFAC Compliance: Avoiding Common Root Causes of Compliance Policy Breakdowns and Deficiencies

Oberheiden P.C. on 9/8/2023

For financial institutions and businesses that are subject to the oversight of the Office of Foreign Assets Control (OFAC), compliance needs to be a priority in 2023. OFAC is playing an increasingly active role in overseeing...more

Is Your Real Estate Company Ready for the CTA? Here’s a “Get Started” Checklist.

Womble Bond Dickinson on 9/6/2023

Starting January 1, 2024, certain U.S. and foreign entities (Reporting Companies) must report detailed information about the individuals that beneficially own or substantially control them (Beneficial Owners) to the U.S....more

Compliance Flash: OFAC Announces New Reporting Requirement for Persons Who Hold Property of Certain Russian Entities

Seward & Kissel LLP on 5/26/2023

On May 19, 2023 the United States, in coordination with the G7 and other international partners, imposed more than three-hundred new sanctions on Russia for its war in Ukraine. Press releases providing additional information...more

Corporate Transparency Act: A New Regulatory Burden Is Heading Your Way

Womble Bond Dickinson on 4/24/2023

Starting January 1, 2024, certain U.S. and foreign entities must identify and report to the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) detailed information about the individuals that beneficially...more

Hot Topics in International Trade - February 2023 - Hot (or at least warm) Off the Press: Updates & Revisions to the ITAR

Braumiller Law Group, PLLC on 2/7/2023

The Directorate of Defense Trade Controls (DDTC) is continuing its project to revise and update the International Traffic in Arms Regulations (ITAR). Some of the changes are editorial and some are substantive. If you are...more

Startups Need a Grasp of U.S. Trade Controls

Lowenstein Sandler LLP on 10/22/2021

Export control requirements, economic sanctions, foreign ownership rules, import restrictions — cross-border trade continues to get more complex. Do you know there are trade laws that restrict who you can do business...more

Administration's Anti-Corruption Efforts Likely to Yield Greater FCPA Enforcement in Latin America and Beyond

Womble Bond Dickinson on 8/25/2021

On June 3 of this year, the Biden Administration made plain its commitment to fighting corruption around the world, releasing a document identifying the fight against corruption “as an economic and national security priority”...more

[Virtual Event] FCPA & Anti-Corruption for the Life Sciences Industry - April 14th, 10:00 am - 6:00 pm EDT

American Conference Institute (ACI) on 3/1/2021

Virtual Forum on the FCPA & Anti-Corruption for the Life Sciences Industry will take place on April 14, 2021 (Eastern Daylight Time). This is the only practical, comprehensive anti-corruption event that is truly tailored to...more

The $180 Million Chinese Coffee Case for Attempting to Manage Earnings

Faegre Drinker Biddle & Reath LLP on 12/23/2020

Last week, on December 16, 2020, Chinese-based coffee chain Luckin Coffee Inc. (“Luckin”) agreed to a $180 million settlement with the United States Securities and Exchange Commission (“SEC”). Luckin’s American Depositary...more

Heightened Focus on Foreign Influence in Academia

King & Spalding on 11/23/2020

Department of Education Report Warns that Academic Institutions Are Failing to Meet Compliance Obligations in Fight Against Foreign Influence Last month the Department of Education (“DOE” or “Department”) released an...more

Insights Conversations: DOJ Enforcement Priorities

Skadden, Arps, Slate, Meagher & Flom LLP on 9/30/2020

Former U.S. attorney Jessie K. Liu recently joined Skadden from her role overseeing the U.S. Attorney’s Office in Washington, D.C., which is not only the largest in the country but also home to one of the busiest Civil...more

Italian Supreme Court: Crimes Benefiting Foreign Companies Trigger Administrative (Quasi-Criminal) Liability

Jones Day on 6/11/2020

Multinationals operating in Italy should develop and implement a compliance system in line with the requirements and standards provided for by Decree No. 231/01. The Italian Supreme Court, in a decision of April 2020,...more

Foreign Contract and Gift Reporting Deadline Approaches for Higher Education Institutions, As Does a Revised Reporting Process

Faegre Drinker Biddle & Reath LLP on 1/20/2020

As discussed in a previous alert dated June 18, 2019, the U.S. Department of Education (the “Department”) over the last year increased its scrutiny of postsecondary institutions’ contracts with, and gifts from, foreign...more

Construction 2020: United Kingdom

BCLP on 8/2/2019

Foreign pursuit of the local market - If a foreign designer or contractor wanted to set up an operation to pursue the local market, what are the key concerns they should consider before taking such a step? Originally...more

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Compliance › Foreign Entities

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