On Wednesday evening, the SEC Staff published two new FAQs relating to the presentation of gross and net performance under the Investment Advisers Act Marketing Rule, the sweeping 2022 overhaul of the advertising and endorsement restrictions applicable to registered investment advisers (“RIAs”). Both FAQs provide significant relief from prior Staff interpretations of the Marketing Rule
Cleary Gottlieb Steen & Hamilton LLP Blogs
Latest from Cleary Gottlieb Steen & Hamilton LLP
Antitrust Review Episode 40: In Conversation With Marcus Bokkerink
In the latest instalment of our Antitrust Review podcast, host Nick Levy is joined by Marcus Bokkerink, Chair of the U.K. Competition & Markets Authority until his resignation earlier this year. Their conversation covers an array of topics, including the CMA’s role, objectives, and achievements, the Government’s growth agenda, the role of politics in antitrust
Trump Administration Proposes Eliminating CTA Requirements for All U.S. Companies
We noted in our last Corporate Transparent Act (CTA) update that on February 27, 2025, the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Treasury Department, announced that it would not take any enforcement actions against any company that does not file or update beneficial ownership information required under the CTA until after
President Trump Imposes Tariffs on Canada and Mexico, Additional Tariffs on China
For more insights and analysis from Cleary lawyers on policy and regulatory developments from a legal perspective, visit What to Expect From a Second Trump Administration.
On February 1, President Trump issued executive orders announcing sweeping tariffs on products of Canadian, Mexican, and Chinese origin. As discussed in our previous publication, effective February
No Class Action Without Legislation? The Court of Justice Cuts Both Ways On Class Actions in ASG 2
On January 28, 2025, the Grand Chamber of the Court of Justice issued a much-awaited preliminary ruling that clarifies when national laws that prohibit the transfer of antitrust compensation claims to bring a collective action breach EU law.[1] The Court of Justice held that, to respect the principle of effectiveness, national procedural rules cannot
Antitrust Review Episode 39: In Conversation With Cristina Caffarra
In the latest instalment of our Antitrust Review podcast, host Nick Levy speaks with Cristina Caffarra, one of the leading competition economists in Europe and among the most engaged commentators on policy, regulation, and enforcement in the world. Their conversation covers an array of topics, including the role of competition enforcement, industrial policy, the Biden
The EU’s Possible Response to Trump II Tariffs
On February 1, 2025, U.S. President Donald Trump imposed a 25% additional tariff on imports of Canadian- and Mexican-origin goods (now in force after a 30-day suspension) and a 10% additional tariff on imports of Chinese-origin goods (increased to 20% on March 3). On February 9, President Trump announced a 25% tariff on steel and
German Court Confirms Narrow Scope of Transaction Value Threshold in Merger Control
On February 26, 2025 the Düsseldorf Court of Appeal (“DCA”) dismissed a broad application of Germany’s transaction value threshold.[1] The threshold introduced in 2017 is a “safety net” for exceptional cases, not an additional standard aimed to lower the threshold for merger review. Companies in mature markets with established revenue streams face reduced
FinCEN Pauses All CTA Filing Obligations and Will Issue New Rules
Amid various ongoing litigation concerning the constitutionality of the Corporate Transparency Act (CTA), the U.S. Financial Crimes Enforcement Network (FinCEN) had announced on February 19, 2025, that it was extending the CTA beneficial ownership information filing deadline for most companies to March 21, 2025 (see Client Alert here). Now, FinCEN has taken a
When the Rubber Hits the (Digital) Road: Developments Regarding the Digital Markets Act Since March 2024
Since the obligations under the Digital Markets Act (“DMA”) started to apply to the first wave of gatekeepers in March 2024, there have been a number of important developments on the implementation and enforcement of the DMA by the Commission.[1] In particular, the Commission has: (i) adopted a second wave of designation decisions concerning