David Meister at Skadden, Arps, Slate, Meagher & Flom LLP

OMB Announces Best Practices for Regulatory Enforcement and Adjudication

On August 31, 2020, the Office of Information and Regulatory Affairs (OIRA), within the Office of Management and Budget (OMB), issued a memorandum to all executive departments and agencies on reforming regulatory enforcement...more

10/14/2020 / Administrative Proceedings , Best Practices , Burden of Proof , CFTC , Civil Liability , Civil Monetary Penalty , Criminal Penalties , Criminal Prosecution , Department of Justice (DOJ) , Enforcement Actions , Executive Orders , FinCEN , Office of Foreign Assets Control (OFAC) , OMB , Publicly-Traded Companies , Regulatory Oversight , Securities and Exchange Commission (SEC) , Standard of Review

CFTC Issues Compliance Program Guidance

On September 10, 2020, the Commodity Futures Trading Commission (CFTC) published Staff guidance (Guidance) from the director of the Division of Enforcement (Division) that outlines factors the Division will consider when...more

9/11/2020 / CFTC , Cooperative Compliance Regime , Enforcement Guidance , Willful Misconduct

Inside the Courts – An Update From Skadden Securities Litigators - August 2020

This quarter’s issue includes summaries and associated court opinions of selected cases principally decided between February and June 2020....more

DOJ and SEC Issue Second Edition of the FCPA Resource Guide

On July 3, 2020, the U.S. Department of Justice (DOJ) and U.S. Securities and Exchange Commission (SEC) jointly released the second edition of the “Resource Guide to the U.S. Foreign Corrupt Practices Act,” which was...more

7/17/2020 / Accounting Controls , Acquisitions , Co-Conspirators , Compliance , Conspiracies , Department of Justice (DOJ) , Disgorgement , Due Diligence , FCPA Resource Guide , Foreign Corrupt Practices Act (FCPA) , Foreign Official , Instrumentality , Intent , Meals-Gifts-and Entertainment Rules , Mergers , Publicly-Traded Companies , Securities and Exchange Commission (SEC) , Third Party Payments , Travel

CFTC Division of Enforcement Publishes New Civil Monetary Penalty Guidance

In a memorandum dated May 20, 2020, the Commodity Futures Trading Commission’s (CFTC) Division of Enforcement issued guidance outlining factors that CFTC staff will consider when recommending civil monetary penalties (CMPs)...more

5/22/2020 / Aggravating Factors , CFTC , Civil Monetary Penalty , Enforcement Actions , Mitigating Factors , New Guidance , Policy Memorandums

Enforcement Risks and the CARES Act

The Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act, which was signed into law on March 27, 2020, provided for the establishment and expansion of a range of economic assistance programs designed to help...more

Compliance in a Time of Crisis

Addressing the Evolving Risks - Warren Buffett said that “only when the tide goes out do you discover who’s been swimming naked.” Buffett was not talking about compliance programs in a time of crisis, but his wisdom applies...more

Inside the Courts – An Update From Skadden Securities Litigators - April 2020

This issue includes summaries and associated court opinions of selected cases principally decided between October 2019 and January 2020. ...more

4/6/2020 / Aiding and Abetting , Books & Records , Breach of Duty , Bylaws , CEOs , Civil Liability , Collateral Estoppel , Criminal Convictions , DE Supreme Court , Demand Futility , Derivative Suit , Dismissals , Enforcement Actions , Exchange-Traded Products , False Statements , Federal Pleading Requirements , Fiduciary Duty , Initial Public Offering (IPO) , Injunctions , Investment Adviser , Item 303 , Lack of Particularity , Mergers , Misleading Statements , Misrepresentation , Notice Requirements , Price-Fixing , PSLRA , Pyramid Schemes , Registration Statement , RICO , Scienter , Scope of Discovery Requests , Section 11 , Section 220 Request , Securities and Exchange Commission (SEC) , Securities Exchange Act , Securities Fraud , Securities Litigation , Securities Violations , Shareholder Litigation , Shareholder Votes , Summary Judgment

DOJ’s ‘China Initiative’ Uses Scheme-to-Defraud Charges for Nondisclosure of Ties to China

Although U.S.-China bilateral tensions eased to a degree earlier this year with the signing of an interim trade agreement, fundamental differences remained. These differences — such as the role that China’s industrial policy...more

4/2/2020 / Bilateral Agreements , China , China Initiative , Criminal Prosecution , Department of Justice (DOJ) , Disclosure Requirements , Failure To Disclose , False Statements , Mail Fraud , Trump Administration , US Trade Policies , Wire Fraud

Impact of COVID-19 on White Collar Enforcement

While enforcement agencies have yet to indicate that they intend to put their pens down in response to COVID-19, there is anecdotal evidence that some agencies have slowed their investigations as remote working impacts matter...more

3/31/2020 / Anti-Corruption , Anti-Money Laundering , CFTC , Compliance , Coronavirus/COVID-19 , Debt Market , Disruptive Trading Practices , Economic Sanctions , Enforcement Actions , Equity Markets , Financial Conduct Authority (FCA) , France , Market Abuse , Risk Management , Social Distancing , Tax Evasion , UK Bribery Act , White Collar Crimes

Repurchase and Trading Issues Arising Out of COVID-19 Market Disruptions

The current market environment and unprecedented volatility during the COVID-19 pandemic has created novel issues, and in some cases opportunities, for public companies and individuals regarding securities trading. The below...more

3/30/2020 / 10b5-1 Plans , Coronavirus/COVID-19 , Publicly-Traded Companies , Securities and Exchange Commission (SEC) , Securities Regulation , Stock Options , Stock Repurchases , Stock Sale Agreements , Trading Policies

Skadden's 2020 Insights

Despite political and economic uncertainties, markets and deal activity were resilient in 2019, and strong fundamentals remain in place heading into 2020. Companies continue to face a challenging litigation and enforcement...more

1/30/2020 / Acquisitions , Administrative Procedure Act , Anti-Discrimination Policies , Anti-Harassment Policies , Anti-Kickback Statute , Antitrust Investigations , Appeals , Arbitration Awards , Attorney General , Backstop Agreements , BEPS , BitLicense , Blockchain , Board of Directors , Bonds , Capital Markets , CFIUS , CFTC , Chapter 11 , Claim Preclusion , Class Action , Commercial Bankruptcy , Common Stock , Congressional Investigations & Hearings , Congressional Subpoenas , Consumer Financial Protection Bureau (CFPB) , Cooperation Agreement , Copyright , Corporate Governance , Corporate Restructuring , Corporate Social Responsibility , Corporate Taxes , Corwin Doctrine , Covenant Lite Deals , Creditors , Cross-Border Transactions , DACA , DE Supreme Court , Debt Financing , Debtors , Department of Justice (DOJ) , Dischargeable Debts , Disgorgement , Disparate Impact , Dodd-Frank , Down Rounds , Drug Pricing , EBITDA , Employee Retirement Income Security Act (ERISA) , Employer Liability Issues , Employment Discrimination , Enforcement Actions , Enforcement of Foreign Judgments , Enterprise Act 2002 , Environmental Social & Governance (ESG) , EU , Fair Housing Act (FHA) , Federal Trade Commission (FTC) , FinTech , FIRRMA , Foreign Acquisitions , Foreign Investment , Foreign Issuers , FRCP 23 , General Data Protection Regulation (GDPR) , General Elections , GILTI tax , High-Yield Markets , Hong Kong , Hong Kong Stock Exchange , Individual Accountability , Initial Public Offering (IPO) , Intellectual Property Litigation , Intercreditor Agreements , International Arbitration , International Litigation , IRS , Issue Preclusion , Japan , Joint Venture , Legislative Agendas , Life Sciences , Listing Rules , Litigation Strategies , Make-Whole Premium , Mergers , MFW , Multinationals , National Security , PCAOB , Pharmaceutical Industry , Political Parties , Preferred Shares , Private Offerings , Privately Held Corporations , Proxy Advisory Firms , Publicly-Traded Companies , Refinancing , Regulatory Agenda , Reporting Requirements , SCOTUS , Securities and Exchange Commission (SEC) , Securities Litigation , Separation of Powers , Shareholder Activism , Shareholder Proposals , Shareholders , Split of Authority , State Labor Laws , Stock Drop Litigation , Tax Cuts and Jobs Act , Tax Litigation , Technology Sector , Third-Party Release Agrements , Transparency , UK , UK Brexit , Valuation , White Collar Crimes

An Illusory Promise or Real Change? Transition at CFTC Brings Hope for Dodd-Frank Act Revisions

Over the past five years, the Commodity Futures Trading Commission (CFTC) has settled 20 enforcement actions against financial institutions for violations of various Dodd-Frank Act regulatory requirements (i.e., rules other...more

1/23/2020 / Amended Rules , Bipartisan Agreement , CFTC , Compliance , Cross-Border Transactions , Dodd-Frank , DSIO , Enforcement Actions , Exemptions , Financial Institutions , No-Action Letters , No-Action Relief , Over The Counter Derivatives (OTC) , Regulatory Burden , Regulatory Requirements , Swaps , Trump Administration

Inside the Courts – An Update From Skadden Securities Litigators - November 2019

This quarter’s issue includes summaries and associated court opinions of selected cases principally decided between August and October 2019. The cases address developing trends in the definition of a security, fiduciary...more

11/27/2019 / Appeals , Criminal Convictions , Fiduciary Duty , Investment Company Act of 1940 , Loss Causation , Material Misrepresentation , Materiality , Omissions , Pleading Standards , Scienter , Securities , Securities Exchange Act , Securities Fraud , Securities Litigation , SLUSA

Cross-Border Investigations Update - September 2019

This issue of Skadden’s semiannual Cross-Border Investigations Update takes a close look at recent cases, regulatory activity and other key developments, including a review of the first year of GDPR enforcement, analysis of...more

10/3/2019 / Anti-Money Laundering , Appeals , Blocking Statutes , Bribery , CFTC , China , CLOUD Act , Communication Restrictions , Compliance , Conspiracies , Cooperation Agreement , Crime (Overseas Production Orders) Act 2019 (the COPO Act) , Criminal Prosecution , Cross-Border Transactions , Cryptocurrency , Cybersecurity , Deferred Prosecution Agreements , Denial of Certiorari , Department of Justice (DOJ) , Deutsche Bank , Disclosure , Dodd-Frank , Economic Sanctions , Enforcement Actions , EU , EURIBOR , Exports , Extradition , Extraterritoriality Rules , Financial Conduct Authority (FCA) , Financial Records , Foreign Corrupt Practices Act (FCPA) , Foreign Exchanges , France , Fraud , General Data Protection Regulation (GDPR) , Government Investigations , Hackers , Hungary , Imports , India , Indictments , Information Sharing , Iran Sanctions , Israel , Lithuania , Money Laundering , Morrison v National Australia Bank , Multinationals , Office of Foreign Assets Control (OFAC) , Opioid , Pharmaceutical Industry , Popular , Rate-Rigging , SCOTUS , Securities and Exchange Commission (SEC) , Serious Fraud Office (SFO) , Spoofing , Subpoenas , Swiss Supreme Court , Switzerland , Tax Crimes , Tax Evasion , Tax Treaty , Turkey , UK , United States , Venezuela , Wal-Mart

Inside the Courts – An Update From Skadden Securities Litigators - September 2019

This quarter’s issue includes summaries and associated court opinions of selected cases principally decided between May and August 2019....more

Inside the Courts – An Update From Skadden Securities Litigators - June 2019

This quarter’s issue includes summaries and associated court opinions of selected cases principally decided between February and April 2019. ...more

6/12/2019 / Acquisitions , Appraisal Rights , Breach of Duty , Fiduciary Duty , Investment Advisers Act of 1940 , Material Misrepresentation , Materiality , Mergers , Omissions , Omnicare , Pleading Standards , Popular , Sarbanes-Oxley , Scienter , Securities , Securities Exchange Act , Securities Litigation , Suspicious Activity Reports (SARs)

Inside the Courts – An Update From Skadden Securities Litigators - March 2019

This quarter’s issue includes summaries and associated court opinions of selected cases principally decided between December 2018 and February 2019....more

CFTC Signals Foreign Corrupt Practices Investigations

On March 6, 2019, the Commodity Futures Trading Commission’s (CFTC or Commission) Division of Enforcement (Division) published an advisory on self-reporting and cooperation for violations of the Commodity Exchange Act (CEA)...more

3/8/2019 / Advisory Opinions , Bribery , CFTC , Commodity Exchange Act (CEA) , Corruption , Enforcement Actions , Foreign Corrupt Practices Act (FCPA) , White Collar Crimes

Cross-Border Investigations Update - January 2019

This issue of Skadden’s semiannual Cross-Border Investigations Update takes a close look at recent cases, regulatory activity and other key developments, including DOJ guidance on the use of corporate monitors in criminal...more

1/7/2019 / Anti-Bribery , Anti-Corruption , Anti-Money Laundering , Appeals , Attorney-Client Privilege , Brazil , Bribery , BSA/AML , China , Corporate Counsel , Criminal Conspiracy , Criminal Convictions , Criminal Investigations , Cross-Border , Cryptocurrency , Cyber Attacks , Cybersecurity , Data Privacy , Data Protection Acts , Department of Justice (DOJ) , Enforcement Actions , EU , Exports , Extraterritoriality Rules , FATCA , Financial Crimes , Foreign Corrupt Practices Act (FCPA) , Forex , France , Government Investigations , Guilty Pleas , Hackers , Imports , International Litigation , Iran , Legal Professional Privilege , Libor , Litigation Privilege , Market Manipulation , Money Laundering , Multi-Jurisdictional Litigation , Multinationals , NYDFS , Privileged Communication , Russia , Sanction Violations , Securities and Exchange Commission (SEC) , Securities Fraud , SFO , Spoofing , Tax Fraud , Traders , UK , Unexplained Wealth Orders (UWOs) , United Arab Emirates (UAE) , Yates Memorandum

DOJ Announces Revisions to Yates Memorandum Policy

On November 29, 2018, in a speech at the 35th International Conference on the Foreign Corrupt Practices Act, U.S. Deputy Attorney General Rod Rosenstein announced the Department of Justice’s (DOJ or the Department) revised...more

12/12/2018 / Amended Regulation , Civil Liability , Cooperation Agreement , Corporate Misconduct , Criminal Prosecution , Department of Justice (DOJ) , Enforcement Actions , Foreign Corrupt Practices Act (FCPA) , Individual Accountability , Yates Memorandum

Inside the Courts – An Update From Skadden Securities Litigators - December 2018

This quarter’s issue includes summaries and associated court opinions of selected cases principally decided between September 2018 and October 2018. ...more

12/7/2018 / Acquisitions , Administrative Law Judge (ALJ) , Aiding and Abetting , Appointments Clause , Breach of Duty , Claim Preclusion , Class Action , Constitutional Challenges , Controlling Stockholders , Damages , Dismissals , Enforcement Actions , Extraterritoriality Rules , Fiduciary Duty , Financial Institutions , General Partnerships , Initial Coin Offering (ICOs) , Investment Funds , Jurisdiction , Lucia v SEC , Material Adverse Effects , Material Misrepresentation , Merger Agreements , Mergers , MFW , Misrepresentation , Pleading Standards , Popular , Proxy Solicitations , PSLRA , Rule 10(b) , Scienter , Section 11 , Securities , Securities Act , Securities and Exchange Commission (SEC) , Securities Exchange Act , Securities Fraud , Securities Litigation , Shareholder Litigation , SLUSA , Squeeze-Out Mergers

David Meister

Skadden, Arps, Slate, Meagher & Flom LLP

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