On April 11, 2025, the U.S. Department of Justice, National Security Division (“DOJ”) issued a compliance guide (“Compliance Guide”), a set of frequently asked questions (“FAQs”), and a 90-day limited enforcement policy (“Enforcement Policy”) relating to implementation of the Data Security Program, codified at 28 C.F.R. Part 202 (“DSP”). The DSP is a regulatory
Cleary Enforcement Watch
News and Analysis Related to Global Enforcement, White-Collar, and Regulatory Trends and Developments
Latest from Cleary Enforcement Watch
U.S. Government Signals Intent to Increase Enforcement of U.S. Export Controls
Earlier this month, the U.S. Department of Commerce (Commerce), Bureau of Industry and Security (BIS) held its annual Update Conference on Export Controls and Policy (the Conference). During the Conference, key government officials signaled an intent to ramp up enforcement of the Export Administration Regulations (EAR) going forward. For example, in opening remarks to Conference…
New Anti-Corruption Taskforce Announced by Authorities in the UK, France, and Switzerland
On March 20, 2025, the United Kingdom’s Serious Fraud Office (“SFO”), France’s Parquet National Financier (“PNF”), and Switzerland’s Office of the Attorney General (“OAG”) signed a founding statement to establish a new International Anti-Corruption Prosecutorial Taskforce.[1] The new taskforce will include a Leadership Group to exchange insight and strategy, as well as a Working…
SEC Staff Reverses Some “Gross/Net” Marketing Rule Guidance
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…
Consumer Protection Compliance Remains Crucial in Spite of CFPB Work Stoppage
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.
The new administration has recently taken steps to reduce or even eliminate the role of the Consumer Financial Protection Bureau (CFPB) in the supervision of certain financial institutions…
Whistleblowing in Focus: Recent Developments, Emerging Issues, and Considerations for Companies. Part Three: Looking Ahead
By jkimew@cgsh.com, Victor L. Hou, Abena Mainoo, James Brady, Giuseppe Scassellati-Sforzolini, Pietro Fioruzzi, Bernardo Massella Duci Terri, Jennifer Kennedy Park, Matthew Yelovich, Long Dang, Joao Salviano, Paola Maria Onorato, Federica Mammì Borruto, Omar Almansoori, Olisa Maduegbuna & Pedro Martini
Introduction
In this three-part series, we discuss recent developments relating to whistleblower programs in the United States (read here). Second, we review whistleblower initiatives in other jurisdictions over the past year (read here). Third, we consider emerging issues and considerations for companies in relation to whistleblower reports.…
Whistleblowing in Focus: Recent Developments, Emerging Issues, and Considerations for Companies. Part Two: Global Developments
Introduction
In this three-part series, we discuss recent developments relating to whistleblower programs in the United States. Second, we review whistleblower initiatives in other jurisdictions over the past year. Third, we consider emerging issues and considerations for companies in relation to whistleblower reports.…
Whistleblowing in Focus: Recent Developments, Emerging Issues, and Considerations for Companies. Part One: Developments in the U.S.
Introduction
Whistleblower programs have proliferated and been growing in importance in the criminal and regulatory enforcement landscape globally. In this three-part series, we first discuss recent developments in whistleblower programs in the United States. Second, we review whistleblower initiatives in other non-U.S. jurisdictions over the past year. Third, we address how developments in whistleblower programs…
SEC Adopts Rules Requiring Daily Computation of Customer and PAB Reserve Requirements for Certain Broker-Dealers
On December 20, 2024, the Securities and Exchange Commission (the “SEC”) adopted amendments to Exchange Act Rule 15c3-3 (the “Customer Protection Rule”) to require carrying broker-dealers with $500 million or more in average total credits to perform the customer and PAB (i.e., proprietary accounts of broker-dealers) reserve account computations and make any required deposits daily,…
SEC FY 2024 Enforcement Results: Record Dollars But Many Fewer Cases
On November 22, the Securities and Exchange Commission announced its enforcement results for the 2024 fiscal year with a record $8.2 billion in financial remedies.[1] At the same time, a few cases and sweeps comprised the vast bulk of that amount, and the number of cases brought dropped by 26%. In a press…