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Delaware Chancery Court Extends Oversight Duties to Non-Director Corporate Officers

Non-director officers may face liability for failing to properly oversee the corporation’s affairs and ignoring “red flags” within their “areas of responsibility.” Key Points: ..The McDonald’s Corporation’s response...more

SEC v. Ripple: Approaching Judgment Day

While a conclusion to the much-hyped case may be approaching, market participants should be wary of doomsday prognostications. As a new year begins, the digital assets industry is still enduring a deep and widespread crypto...more

SPAC-Related Enforcement and Litigation: What to Expect in 2022

Recent statements by regulators and new court decisions signal continued scrutiny of SPACs and operating companies going public through de-SPAC mergers. Key Points: ..The SEC has indicated that it will continue its...more

DOJ Announces Policy Changes to “Invigorate” Efforts to Combat Corporate Crime - Japanese Version

今回の米国司法省の政策変更において、司法省は個人の責任に一層の重点を置き、また企業の過去の違法行為に対しては包括的な評価を行い、さらに企業との司法解決に対してはより厳格な対応をすることとなる - 2021年10月28日、米国司法省 (United States Department of Justice、以下「DOJ」)...more

DOJ Announces Policy Changes to “Invigorate” Efforts to Combat Corporate Crime

The changes include more focus on individual accountability, more holistic evaluation of prior corporate misconduct, and stricter corporate resolutions. On October 28, 2021, US Deputy Attorney General Lisa Monaco gave the...more

A Look Ahead at the Biden Administration’s Regulatory and Enforcement Priorities [Video]

With the new administration poised to take office, public and private companies will need to consider how President Biden’s regulatory, enforcement, and legislative priorities will affect their businesses. During this...more

US Congress Affirms and Expands SEC’s Disgorgement Authority in Annual Defense Spending Bill

The legislation - passed via the first congressional override of the Trump presidency - extends the SEC’s ability to obtain disgorgement for violations of federal securities laws. Key Points: ..As amended, the...more

US Supreme Court Upholds SEC’s Authority to Seek Disgorgement

Questions about the scope of the SEC’s disgorgement authority remain open, including in administrative proceedings. Key Points: ..Since the April 2017 decision in Kokesh v. SEC, the statutory authority of the Securities...more

Financial Firms Beware: Dangers Lurk in the Cloud

US regulators are calling attention to financial firms’ obligations to protect against evolving cybersecurity threats. On October 2, 2019, the Financial Industry Regulatory Authority (FINRA) issued an information notice to...more

CFTC Enters the Market for Anti-Corruption Enforcement

New enforcement advisory encourages reporting of foreign corrupt practices that the agency intends to pursue under the Commodity Exchange Act. On March 6, 2019, the Division of Enforcement (Division) of the US Commodity...more

Second Circuit Reinforces FCPA’s Jurisdictional Limits

Ruling holds that the government cannot use conspiracy and accomplice liability theories to reach foreign nationals that lack US ties. Key Points: ..Non-resident foreign nationals who are not otherwise subject to direct...more

Supreme Court: SEC ALJs Are Officers Subject to Constitution’s Appointments Clause

Respondents in pending or future proceedings should carefully assess their options until several key legal questions are resolved. The United States Supreme Court recently issued its ruling in Lucia v. Securities and...more

What the Supreme Court’s Whistleblower Decision Means for Companies

By limiting the availability of Dodd-Frank whistleblower anti retaliation provisions, the Court’s decision may incentivize increased SEC reporting. In Digital Realty Trust, Inc. v. Somers, the Supreme Court of the United...more

Second Circuit Denies Rehearing on Decision Barring Testimony Compelled by Foreign Governments

Court denies the US government’s petition for rehearing, despite argument the decision will hinder cross-border investigations and prosecutions. Key Points: ..Second Circuit bars government’s reliance on testimony...more

Divided Second Circuit Broadens Personal Benefit Test for Insider Trading Liability

The court’s Martoma decision reinvigorates the US government’s ability to prosecute insider trading cases. Key Points: - The majority opinion overrules recent case law requiring that an insider have a meaningfully close...more

Second Circuit: Fifth Amendment Bars Testimony Compelled by Foreign Governments

The court vacates LIBOR convictions with significant implications for US criminal cases involving cross-border investigations. Key Points: ..The Fifth Amendment also limits the use a defendant’s statements compelled by...more

US Supreme Court: Disgorgement Is a Penalty, Limiting SEC’s Reach

Rejecting the Tenth Circuit Kokesh decision, the holding that the five-year limitations period applies to SEC disgorgement claims will dramatically affect enforcement actions. Key Points: ..The Supreme Court decision...more

CFTC Releases New Enforcement Cooperation Guidelines

The agency’s updated advisory for companies and first-ever guidance for individuals shed additional light on its approach for recognizing cooperation. On January 19, 2017, the Division of Enforcement (Division) of the...more

Supreme Court Revisits Insider-Trading Liability

Salman reaffirms Dirks and holds that a “gift” of inside information to a trading relative or friend continues to meet the personal-benefit requirement. The Salman Prosecution - In 2011, Bassam Yacoub Salman was...more

SEC Speaks Conference 2016: Key Takeaways for Public Companies

Senior SEC enforcement staff “Speaks” to the division’s performance in 2015 and identifies priorities for 2016. Senior members of the Enforcement Division of the US Securities and Exchange Commission (SEC) gathered on...more

How to Navigate the SEC’s Proposed Mandate on Clawbacks

US publicly listed companies should plan now for proposed stringent policies and required disclosures. Under the long-awaited proposed rules adopted by the Securities and Exchange Commission on July 1, 2015, generally,...more

The Circuits Are Split: Are Tangible Benefits Required for Insider Trading Liability?

The Ninth Circuit’s recent decision calls into question the Second Circuit’s definition of “personal benefit” for insider trading liability in criminal prosecutions. On July 6, 2015, United States District Court Judge...more

SEC Enforcement Division Issues Guidance on Venue Selection

Respondents in SEC enforcement actions increasingly will litigate a wide array of matters in administrative proceedings, rather than having their day in federal district court. In the wake of significant public...more

Securities and Exchange Commission: Critical Issues Facing Public Companies

Latham & Watkins partners William Baker, Alexander Cohen, Joel Trotter and Lawrence West hosted a webcast “Securities and Exchange Commission: Critical Issues Facing Public Companies.” Topics discussed included the increasing...more

4/2/2015

How to Protect Attorney-client Privilege in Internal Investigations

While attorney-client privilege can protect many internal documents, recent court decisions highlight the need to explicitly invoke this protection. As many US policies now require an increased level of internal...more

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