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Enforcement Actions National Defense Authorization Act

McGuireWoods LLP

SEC Speaks 2024: In Defense of the Enforcement Division’s Agenda

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On April 2 and 3, 2024, U.S. Securities and Exchange Commission Chair, Gary Gensler, Division of Enforcement Director, Gurbir Grewal, and other senior SEC officials convened at the SEC Speaks conference held in Washington, DC...more

Morrison & Foerster LLP

OFAC Year in Review 2023 – Part 1

2023 was another record year for U.S. sanctions and the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC). Most prominently, OFAC continued to impose significant additional sanctions on Russia in...more

Sheppard Mullin Richter & Hampton LLP

Corrupt Foreign Leaders Now on the Hook for Bribery Charges: Congress Passes the Foreign Extortion Prevention Act

On December 14, 2023, with bipartisan support, Congress passed the Foreign Extortion Prevention Act (“FEPA”), making it a federal crime for any foreign government official to demand, receive, or agree to receive a bribe from...more

Foley Hoag LLP

U.S. Congress Passes Foreign Extortion Prevention Act Imposing Liability on Foreign Officials Who Receive or Demand Bribes From...

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The U.S. Congress has passed the Foreign Extortion Prevention Act (“FEPA”), as part of the National Defense Authorization Act for Fiscal Year 2024 (“NDAA”). On December 14, 2023, the measure was sent to President Biden, who...more

Skadden, Arps, Slate, Meagher & Flom LLP

In the First Use of Its Section 9714 Powers, the U.S. Treasury Designated Bitzlato as a Russian-Linked Primary Money Laundering...

On January 17, 2023, U.S. law enforcement authorities in Miami arrested Anatoly Legkodymov, a Russian national and the founder and majority owner of Hong Kong-based virtual currency exchange Bitzlato Ltd., on charges of money...more

McDermott Will & Emery

President Biden Elevates Anticorruption Enforcement

Last week, President Biden issued a memorandum on Establishing the Fight Against Corruption as a Core United States National Security Interest. The memorandum ushers in a new era of collaboration between federal agencies and...more

BCLP

PFAS Air Emission Regulations

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Typically when considering the regulatory risk presented by per- and polyfluoroalkyl (“PFAS”) compounds, businesses think of the regulation of drinking water, groundwater, and consumer products. However, there is an increased...more

Vinson & Elkins LLP

Unanimous Supreme Court Limits FTC’s Ability To Seek Monetary Remedies

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On April 22, 2021, the Supreme Court limited the Federal Trade Commission’s ability to seek restitution or disgorgement under Section 13(b) of the FTC Act. Justice Stephen G. Breyer, author of the unanimous 9-0 decision,...more

Foley Hoag LLP - White Collar Law &...

Anti-Corruption 2021

This is the third in our First 100 Days series examining important trends in white collar law and investigations in the early days of the Biden administration. Our previous entry discussed sanctions and export control trends....more

King & Spalding

Tokyo Dispute Resolution & Crisis Management Newsletter - February 2021 - U.S. & Americas Enforcement Review 2020

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As 2020 drew to a close, enforcement authorities throughout the United States and the Americas continued to investigate fraud, corruption, and other misconduct across the region. In this newsletter, we highlight some...more

Morrison & Foerster LLP

OFAC 2020 Year In Review

In too many ways to count, 2020 was an extraordinary year. As we move into 2021 with optimism for an end to the pandemic and better days ahead, we understand that the activity last year of the U.S. Department of the...more

Winstead PC

What to Expect from the SEC Under the Biden Administration

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The dust has settled on the 2020 election, and the Biden administration has begun pressing forward with its policy objectives. Critical to achieving such objectives is the Democrats’ control of both the House of...more

Akin Gump Strauss Hauer & Feld LLP

National Defense Authorization Act Boosts SEC’s Disgorgement Authority and Ability to Seek Other Equitable Relief

Amendments Come on the Heels of Supreme Court Decisions on SEC Disgorgement - On January 1, 2021, Congress passed the National Defense Authorization Act (NDAA). Embedded in the NDAA’s more than 1,400 pages is Section...more

White and Williams LLP

The ABCs of PFAS: What You Need to Know About Liabilities for the “Forever Chemical”

Perfluoroalkyl and polyfluoroalkyl substances, commonly referred to as PFAS or PFOS, have been a key ingredient in numerous industrial and consumer products for decades. These man-made chemicals are prevalent and are also...more

Vinson & Elkins LLP

Beware Of SEC Requests To Include Non-Monetary Conditions When Settling Enforcement Matters

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To settle enforcement matters, the U.S. Securities and Exchange Commission (“SEC”) often seeks to require non-monetary conditions on top of civil monetary penalties from companies that have allegedly violated federal...more

Polsinelli

Congress Amends Exchange Act Of 1934 To Address Disgorgement Penalties In Defense Spending Bill

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The New Year is still young, but major changes are already afoot in securities enforcement as Congress amended the Securities Exchange Act of 1934 (“Exchange Act”) on January 1, 2021. It was easy to miss these changes to the...more

BCLP

Defense Bill Significantly Bolsters SEC’s Disgorgement Authority

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The National Defense Authorization Act (“NDAA”) became law on January 1, 2021 after Congress overrode a presidential veto of the legislation. While the NDAA appropriates funds for defense-related activities and the...more

White & Case LLP

Patriot Act Subpoenas: Reinvigorated and Reaching Across Borders

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The override of former President Trump's veto of the National Defense Authorization Act of 2021 resulted in the enactment of broad amendments to the US anti-money laundering regime. Among the amendments are provisions to...more

Buchalter

Treasury’s New Bank Secrecy Act Whistleblower Program

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In perhaps the last major legislative action under this presidential administration, on New Year’s Day 2021, Congress passed—over President Trump’s veto—what could be the most significant anti-money laundering (AML) statute...more

King & Spalding

Q4 2020: Latin America Enforcement Review

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As 2020 drew to a close, enforcement authorities throughout the United States and the Americas continued to investigate fraud, corruption, and other misconduct across the region. Below, we highlight some developments from...more

Burr & Forman

Congressional Override Grants SEC 10-Year Statutory Disgorgement Remedy

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On the new year’s first day, Congress passed the NDAA over President Trump’s veto and gave the SEC more clear – and longer – disgorgement authority for enforcement actions in the courts....more

Cadwalader, Wickersham & Taft LLP

A New Year’s Booster Shot: Congress Grants the SEC a Statutory Disgorgement Remedy and Extended Statute of Limitations

Congress opened 2021 by overturning one of President Trump’s vetoes for the first time. By large bipartisan majorities, the House and Senate overturned a presidential veto and enacted the 2021 National Defense Authorization...more

Troutman Pepper

Congress Passes Law Expanding the SEC's Ability to Seek Disgorgement

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On Friday January 1, with the Senate’s floor vote to override the president’s veto, Congress passed the 60th annual National Defense Authorization Act (NDAA). Encompassed within the $740.5 billion military spending bill is an...more

WilmerHale

Congress Amends Exchange Act, Expanding SEC Enforcement Power

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On January 1, 2021, amendments to Section 21(d) of the Securities Exchange Act of 1934 (Exchange Act) codifying and expanding the power of the Securities and Exchange Commission (SEC or Commission) to obtain disgorgement in...more

Latham & Watkins LLP

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

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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

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