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On June 9, 2025, the U.S. Department of Justice (DOJ) released a memorandum establishing long-awaited guidance for the investigation and enforcement of the Foreign Corrupt Practices Act (FCPA).[1] The guidance was a direct result of President Trump’s February 10 Executive Order, signed on February 10, 2025, which directed the DOJ not to initiate new FCPA investigations or enforcement actions for 180 days, except where specifically authorized by senior DOJ officials.[2] The Order also required a detailed review of all ongoing FCPA matters and the issuance of updated enforcement guidelines. The President’s stated objectives were to prevent the FCPA from being “stretched beyond proper bounds,” to avoid enforcement that could harm U.S. economic competitiveness, and to ensure that FCPA actions do not undermine U.S. national security or foreign policy interests.[3]

The new guidelines, styled as a memorandum from the Deputy Attorney General to the attorney currently in charge of the DOJ Criminal Division (the “Memorandum”), signal a significant recalibration of FCPA enforcement priorities, with a focus on serious misconduct that can be attributed to specific individuals, national security threats, and conduct linked to transnational criminal organizations, while also seeking to limit undue burdens on U.S. companies operating abroad. Perhaps surprisingly, considering the doomsday scenarios that some anticorruption advocates had predicted, the new guidance signals a commitment to further FCPA enforcement, albeit with a narrower focus.Continue Reading DOJ Issues New FCPA Enforcement Guidelines

On May 23, 2024, the SEC approved exchange rule changes that will allow the listing and trading of a number of spot Ether exchange-traded products (ETPs). Ether is the second-largest cryptocurrency by market capitalization after Bitcoin.  The decision follows the SEC’s recent approval of spot Bitcoin ETPs in January 2024, as previously summarized here. Continue Reading SEC Approves Exchange Listings for Spot Ether ETPs

On December 22, 2023, President Biden issued Executive Order (E.O.) 14114 further addressing the Russian Federation’s (Russia) continued use of its military-industrial base to support its aggression against Ukraine and to further counteract Russia’s continued evasion of U.S. sanctions. This latest round of sanctions targets foreign financial institutions (FFIs) that engage in certain transactions involving Russia’s military-industrial base. It is likely additional sanctions will be adopted as we approach the second anniversary of the war in Ukraine.

Specifically, E.O. 14114 amends E.O. 14024 to authorize sanctions against FFIs that have

  1. conducted or facilitated any significant transaction or transactions for or on behalf of any person designated pursuant to E.O. 14024 for operating or having operated in the technology, defense and related materiel, construction, aerospace or manufacturing sectors of the Russian economy or other sectors as may be determined to support Russia’s military industrial base; or
  2. conducted or facilitated any significant transaction or transactions, or provided any service, involving Russia’s military-industrial base, including the sale, supply or transfer, directly or indirectly, to Russia of any item or class of items as determined by the Secretary of the Treasury.

Continue Reading Latest Round of Russia Sanctions Targets Foreign Financial Institutions Supporting Russia’s Military-Industrial Base

Last month, the United States, along with other G7 members, stepped up efforts to curtail Russia’s evasion of western sanctions adopted to impede Russia’s invasion of Ukraine. It has been reported in the press that U.S. components are showing up in weapons systems used against Ukraine and from firms that produce high-technology equipment ultimately sold…