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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 reports under the Corporate Transparency Act. 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 Antitrust / Competition

United States: Cross-Border White Collar Enforcement – Updates in Antitrust and FCPA Enforcement

by , and 2 Mins Read

On 13 February 2025, the US Department of Justice Antitrust Division and the Federal Bureau of Investigation announced the launch of a new online portal to help track and arrest international fugitives believed to be evading prosecution for anticompetitive crimes by remaining abroad. Specifically, the portal features information on individuals who have been publicly charged with competition crimes but have not yet answered the charges in federal court. The portal currently provides identifying information for more than 70 international fugitives charged in connection with DOJ’s long-standing investigations into price fixing and bid rigging conspiracies related to automotive parts, fuel supply contracts to the US Department of Defense, air cargo, and international shipping, among others.

In AML & Financial Services Regulatory

United States: The SEC adopts EDGAR Next – What public companies need to know now

by , and 7 Mins Read

On September 27, 2024, the Securities and Exchange Commission (SEC) approved final rules as part of technical amendments to EDGAR (collectively, referred to as “EDGAR Next”) to enhance the security of the system. The rulemaking amends Rule 10 and 11 of Regulation S-T, Form ID (needed to obtain EDGAR access codes) and updates the EDGAR Filer Manual.
EDGAR Next will significantly change how filers access EDGAR, make filings, and manage accounts.

In Antitrust / Competition

United States: Supreme Court Refuses to Review Fourth Circuit’s Reversal of DOJ’s Criminal Bid-Rigging Conviction

by , , and 8 Mins Read

The U.S. Supreme Court has denied appeals from both parties from the December 1, 2023, decision of the U.S. Court of Appeals for the Fourth Circuit reversing DOJ’s criminal conviction of a former executive of an aluminum products manufacturer for failure to state a per se antitrust offense under the Sherman Act. The Fourth Circuit held that the trial court erred in applying the per se rule without considering that the alleged scheme took place within the context of a “dual distribution” relationship among competing bidders, who also maintained a supplier relationship. The Fourth Circuit denied DOJ’s petition for an en banc rehearing.

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In Product Regulation & Liability

United States: Company fined by FTC for false claims about supplements reducing alcohol cravings and consumption

by , and 4 Mins Read

On 7 November 2024, the FTC announced it will be sending refunds to 536,000 consumers deceived by Rejuvica’s and its owners’ unsupported claims that Sobrenix, a dietary supplement marketed and sold by Rejuvica, could reduce and eliminate alcohol cravings and consumption. In addition to the refunds, the FTC’s proposed order requests a permanent injunction and other relief due to violations under the FTC Act and the Opioid Addiction Recovery Fraud Prevention Act of 2018

In AML & Financial Services Regulatory

United States: Sustainability under scrutiny – the CFTC spearheads a novel fraud action against a voluntary carbon credit developer

by , , , , and 8 Mins Read

Acting with other US regulators, the Commodities Futures Trading Commission (“CFTC” or “Commission”) recently issued two consent orders (“CFTC Orders”) and filed a complaint (“CFTC Complaint”) alleging fraud and false, misleading, or inaccurate reports relating to voluntary carbon credits (“VCCs”). As noted by CFTC Director of Enforcement Ian McGinley, “[these actions] demonstrate [the CFTC’s] commitment to vigorously fight frauds in its markets, whether long-established or new and evolving, such as the carbon credit markets.” These are the first CFTC actions for fraud in the VCC market, and closely follow the CFTC’s recently published final Commission Guidance Regarding the Listing of Voluntary Carbon Credit Derivative Contracts (“Final Guidance”).

In Cybersecurity, Data and Tech

United States: SolarWinds landmark ruling – Amid defense victories, questions remain on individual liability and material misstatements of fact

by , and 11 Mins Read

In a landmark decision on July 18, 2024, Judge Paul Englemayer of the Southern District of New York dismissed most charges in the SEC’s enforcement action against SolarWinds and its CISO, Timothy Brown. The court ruled that cybersecurity controls are not part of a company’s “system of internal accounting controls” under Section 13(b)(2)(B)(iii) of the Exchange Act, dismissing these claims. However, the court upheld charges that SolarWinds and Brown misled investors with public statements about their cybersecurity program. This case, stemming from the SUNBURST attack, highlights the importance of detailed risk disclosures and accurate public-facing statements on cybersecurity.

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