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In Corporate Compliance

United States: Enforcement of CTA and BOI reporting rule suspended against US companies and citizens

by 2 Mins Read

Over the past week there have been two significant announcements by US Financial Crimes Enforcement Network and the US Department of the Treasury with respect to the filing of beneficial ownership information (BOI) reports under the Corporate Transparency Act (CTA). Based on these announcements, foreign reporting companies should technically continue complying with the BOI requirements, though there will be no consequences for failing to do so until new regulations are issued. As to domestic reporting companies, there should not be any enforcement of the CTA against such companies or consequences if such companies fail to file BOI reports.

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In Anti-Corruption

United States: Practical takeaways from Recent US administration actions on FCPA enforcement

by , , , , , , , , , and 8 Mins Read

On February 10, 2025, President Donald Trump signed an Executive Order (“Order”) directing a 6-month moratorium on the enforcement of the Foreign Corrupt Practices Act (FCPA), while the Attorney General revises Department of Justice (DOJ) policies and guidelines governing FCPA enforcement. The Order instructs that these changes be made in the interest of promoting US companies’ ability to compete in foreign markets. While the Order introduces uncertainty for the future of FCPA enforcement, companies are advised to stay the course on compliance and exercise caution when considering any shifts in compliance practices and resourcing in the near term.

In Anti-Corruption

United States: The uncertain future of long-standing DOJ FCPA enforcement priorities

by , , , , , , , , , and 8 Mins Read

A recent memorandum from Attorney General Pam Bondi signals a potential shift in the Department of Justice’s FCPA enforcement priorities. According to the memorandum, FCPA enforcement should prioritize foreign bribery linked to Cartels and Transnational Criminal Organizations (TCOs), potentially altering the landscape of white-collar corporate enforcement. While traditional FCPA cases will likely continue, the new directive grants local US Attorneys’ Offices greater latitude in conducting FCPA investigations touching on Cartels and TCOs.

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In Antitrust / Competition

United States: Sweeping changes to the HSR form effective

by , , , and 2 Mins Read

The new premerger filing form and rules for complying with the Hart-Scott-Rodino Act (HSR Act) are now effective. While a legal challenge to the changes remains pending, any revisions or recissions by a federal court or the Trump Administration’s Federal Trade Commission or Antitrust Division leadership have not stopped today’s implementation.
As such, parties to all M&A transactions that require an HSR Act filing must use the new notification forms, which require the submission of substantially more information and documents. Parties should be prepared to spend additional time and to incur increased costs associated with HSR Act compliance.

In ESG

United States: A roadmap to Trump’s DEI Executive Orders for US employers

by , and 1 Min Read

In the first two days of his presidency, President Trump signed a series of executive orders aimed at dismantling diversity programs across the federal government, revoking longstanding DEI and affirmative action requirements for federal contractors, and directing public and private entities to end policies that constitute “illegal DEI discrimination”.

In Employment

United States: The post-inauguration playbook — Spotlight on immigration enforcement and raids

by , , , and 3 Mins Read

President Trump has taken quick action to ramp up immigration enforcement in his first days in office. While Trump’s early focus on deportations and border security is not new, the swift and aggressive enforcement approach represents a significant change as compared to prior administrations. These actions have led to arrests and heightened concerns among employers and employees alike.

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In AML & Financial Services Regulatory

US Supreme Court lifts injunction on Corporate Transparency Act, reporting requirements still on hold

by , and 1 Min Read

On 23 January 2025, the US Supreme Court granted the US government’s application to end the nationwide preliminary injunction against enforcement of the Corporate Transparency Act (CTA) issued by the District Court in Top Cop Shop on 3 December 2024. This injunction is currently on appeal with the Fifth Circuit. However, a separate nationwide order that also stayed the CTA beneficial owner reporting deadline remains in place. This order was issued by a different federal judge in Smith v. US on 7 January 2025.

In Employment

United States: DOJ & FTC – New Antitrust Guidelines for Labor Issued as Biden-Harris Administration Clocks Out

by , , and 7 Mins Read

On January 16, 2025, the Department of Justice and the Federal Trade Commission replaced the 2016 Antitrust Guidance for Human Resource Professionals. The new guidelines now titled, Antitrust Guidelines for Business Activities Affecting Workers, reaffirm the major points of the 2016 guidelines. Wage-fixing and no poach agreements remain illegal and sharing wage information may violate the antitrust laws. However, the new guidelines identify a slew of other agreements and practices that can violate antitrust laws, including franchisee agreements with employment restraints, non-compete clauses, overly broad non-disclosure agreements, and other employment restraints.

In Antitrust / Competition

United States: DOJ & OSHA – NDAs Can’t Silence Whistleblowers

by , , , and 4 Mins Read

On January 14, 2025, the Department of Justice, Antitrust Division and Department of Labor, Occupational Safety and Health Administration issued a Joint Statement, asserting that non-disclosure agreements (NDAs) undermine whistleblower protection laws, including the Criminal Antitrust Anti-Retaliation Act (CAARA), when they deter or prevent an employee from coming forward. The Antitrust Division noted they are focused on allowing individuals to report antitrust violations without the fear of retaliation. The Joint Statement also warns against using NDAs as an improper shield to obstruct an investigation, which may result in separate federal criminal violations for companies.

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