Biden Regulatory Change

SEC Seeks to Amend Trump-Era Whistleblower Rules

Brad Fulton

Top Story

SEC Seeks to Amend Trump-Era Whistleblower Rules

The SEC recently released its new regulatory agenda, which outlined the potential rollback of several Trump-era amendments to the SEC’s whistleblower awards program, as well as requiring the disclosure of payments made to foreign governments by oil and gas companies. Critics of the initial amendments to the whistleblower program, first proposed in 2018, said that their adoption could downsize whistleblower awards, making it less likely that potential tipsters would come forward.

Government

Ukraine Police Bust Major Ransomware Gang

Raids targeting nearly two dozen ransomware gangs that are blamed for nearly USD 500M in cyberattacks and extortion were successfully carried out by Ukrainian police recently. Twenty-one raids resulted in a recovery of about USD 185,000 stolen from attacks on US and South Korean companies.

Italy Launches New Government Cybercrime Agency

Italy passed a bill introducing a new cybercrime agency in an effort to curb cybercrime attacks such as ransomware and cryptocurrency based money laundering. The agency, governed by the country’s prime minister, will develop new capabilities for monitoring, detecting and mitigating cyber attacks within the country. The implementation of the agency comes after ransomware and cyber attacks experienced by many countries around the world, including the US coastal pipeline network attack.

China Counters Foreign Sanction with New Law

China passed a new law recently that seeks to combat US and EU pressure against the country on issues such as human rights, trade and technology. The law seeks to reduce coercion by other countries by establishing methods that mitigate the effect of imposed sanctions. The law comes on the heels of increased economic and political sanctions by foreign governments against the state.

Regulatory Updates

New Corruption Memorandum Could Increase FCPA Enforcement

Earlier this month, the Biden administration released the Memorandum on Establishing the Fight Against Corruption as a Core United States National Security Interest. In it, the administration outlined the ways in which it will “lead efforts to promote good governance; bring transparency to the United States and global financial systems; prevent and combat corruption at home and abroad, and make it increasingly difficult for corrupt actors to shield their activities.” The objectives in the memorandum make it seem likely that with increased coordination with the SEC, DOJ and other regulatory agencies, the US could see an increase in FCPA enforcement.

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