The world’s response to Russia’s invasion of Ukraine dominated the first quarter of 2022, as the US and its international partners coordinated efforts to impose unprecedented sanctions designed to isolate the Russian...more
5/4/2022
/ Biden Administration ,
China ,
Cuba ,
Department of Justice (DOJ) ,
Economic Sanctions ,
Foreign Policy ,
Iran ,
North Korea ,
Office of Foreign Assets Control (OFAC) ,
Russia ,
Sanctions ,
Securities and Exchange Commission (SEC) ,
Ukraine
It is now time for foreign private issuers to prepare their annual reports on Form 20-F. For companies with a calendar year-end, the Form 20-F must be filed with the U.S. Securities and Exchange Commission (the SEC) by April...more
1/2/2020
/ Annual Reports ,
Anti-Money Laundering ,
Audit Reports ,
Disclosure Requirements ,
EBITDA ,
European Commission ,
Foreign Private Issuers ,
Form 20-F ,
Helms-Burton Act ,
IFRS ,
Libor ,
Non-GAAP Financial Measures ,
SEC Comment Letter Process ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
UK Brexit ,
XBRL Filing Requirements
Recent Trends And Patterns In FCPA Enforcement -
Although the DOJ and SEC brought a relatively low number of FCPA enforcement actions in the first half of 2019, an unusually large portion of those enforcement actions...more
7/5/2019
/ Anti-Bribery ,
Books & Records ,
CFTC ,
Compliance ,
Corporate Misconduct ,
Criminal Prosecution ,
Deferred Prosecution Agreements ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Foreign Corrupt Practices Act (FCPA) ,
Internal Audit Functions ,
Internal Controls ,
Internal Investigations ,
Non-Prosecution Agreements ,
Securities and Exchange Commission (SEC) ,
Serious Fraud Office (SFO) ,
UK ,
White Collar Crimes
In this week's newsletter, we provide a snapshot of the principal U.S., European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more
Shearman & Sterling’s bi-annual Trends & Patterns in FCPA Enforcement 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...more
7/11/2018
/ Compliance ,
Corporate Governance ,
Department of Justice (DOJ) ,
Enforcement ,
Enforcement Actions ,
Foreign Corrupt Practices Act (FCPA) ,
Jurisdiction ,
Kokesh v SEC ,
Securities and Exchange Commission (SEC) ,
Serious Fraud Office (SFO) ,
Settlement ,
UK ,
Voluntary Disclosure
It has now been two years since Iran-related sanctions relief took effect under the Joint Comprehensive Plan of Action. While U.S. persons continue to be generally prohibited from engaging in Iran-related business, the JCPOA...more
Shearman & Sterling’s bi-annual Trends & Patterns in FCPA Enforcement 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...more
1/3/2018
/ Bribery ,
Compliance ,
Criminal Investigations ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Enforcement Statistics ,
Foreign Corrupt Practices Act (FCPA) ,
Securities and Exchange Commission (SEC) ,
Serious Fraud Office (SFO) ,
Settlement ,
White Collar Crimes
Shearman & Sterling’s bi-annual Trends & Patterns in FCPA Enforcement 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...more
7/6/2017
/ Chief Compliance Officers ,
Compliance ,
Corporate Counsel ,
Deferred Prosecution Agreements ,
Disgorgement ,
Enforcement Actions ,
Enforcement Statistics ,
Foreign Corrupt Practices Act (FCPA) ,
Jurisdiction ,
Litigation Privilege ,
Securities and Exchange Commission (SEC) ,
Settlement ,
Statute of Limitations ,
Trump Administration ,
UK
On January 4, 2017, President-elect Trump announced that he intended to nominate Jay Clayton, a Mergers & Acquisitions partner at Sullivan & Cromwell LLP, to succeed Mary Jo White as Chair of the SEC. According to his firm...more
Shearman & Sterling’s bi-annual Trends & Patterns in FCPA Enforcement 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...more
1/4/2017
/ AstraZeneca ,
Bribery ,
Compliance ,
Corporate Counsel ,
Declination ,
Deferred Prosecution Agreements ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Foreign Corrupt Practices Act (FCPA) ,
Foreign Official ,
GlaxoSmithKline ,
Internal Controls ,
JPMorgan Chase ,
Novartis ,
Nu Skin ,
Odebrecht ,
Popular ,
Qualcomm ,
Securities and Exchange Commission (SEC) ,
Teva Pharmaceuticals ,
Voluntary Disclosure ,
Whistleblowers ,
Yates Memorandum
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
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
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
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 ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Foreign Corrupt Practices Act (FCPA) ,
Goodyear ,
Hitachi ,
PBSJ Corporation ,
PetroTiger ,
Securities and Exchange Commission (SEC)
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 ,
Department of Justice (DOJ) ,
Football ,
Foreign Corrupt Practices Act (FCPA) ,
Indictments ,
Match Fixing ,
Olympics ,
Popular ,
Securities and Exchange Commission (SEC) ,
Soccer ,
Sports ,
World Cup
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 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 ,
Department of Justice (DOJ) ,
Enforcement Actions ,
FOIA ,
Foreign Corrupt Practices Act (FCPA) ,
Foreign Official ,
Foreign Subsidiaries ,
Layne Christensen Co ,
Securities and Exchange Commission (SEC) ,
Smith & Wesson ,
Whistleblower Awards
In this issue:
- Recent Trends and Patterns in FCPA Enforcement
- Foreign Bribery Criminal Prosecution Under the FCPA
- Foreign Bribery Civil Actions Instituted by the Department of Justice under the...more
Improper Gifts Alone, Without Cash Bribes, Serve as Basis for SEC’s Latest FCPA Enforcement Action -
Earlier this week, the SEC announced fines for two former defense contractor employees for FCPA violations relating...more
Last week the SEC settled charges against Layne Christensen for various violations of the FCPA. While a relatively unremarkable case at first glance, the SEC’s charges against Layne Christensen reflect a troubling approach by...more
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
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
It has been over eight months since SEC-registered issuers began making mandatory disclosures of business activities in or with Iran. During that period, issuers have filed over 400 Iran Notices with the SEC, including...more