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Articles by Mark Lanpher
SEC Division of Examinations publishes new exam handbook
The Handbook provides a process roadmap for SEC registrants undergoing an examination and describes each examination stage from candidate selection through the completion of an examination. The Handbook clarifies expectations of the Division’s staff (the “Staff”) with respect to registrants, and sets out what registrants can expect from the Staff in connection with an examination.
Prediction markets and insider trading: what in-house counsel need to know after first U.S. enforcement announced
Enforcement announced of soldier using classified information to trade On 23 April 2026, the U.S. Department of Justice (DOJ) and Commodities Futures Trading Commission (CFTC) announced separate enforcement actions against an active-duty member of the U.S. Army, alleging that the soldier utilized non-public information regarding classified U.S. operations related to the capture of Venezuelan President Nicolás Maduro to trade on Polymarket.com, a prediction market website.
Prediction Markets And Insider Trading: What In-house Counsel Need To Know After First U.S. Enforcement Announced
Adam B. Schwartz’s articles from A&O Shearman are most popular: in United States A&O Shearman are most popular: within Criminal Law, Insolvency/Bankruptcy/Re-Structuring and Law Department Performance topic(s) Following the announcement of the first market abuse enforcement relating to prediction markets, businesses should consider whether existing insider trading policies, codes of conduct, and employee training programmes adequately address the risks posed by prediction market activity.
U.S. DOJ Releases New Uniform Corporate Enforcement Policy
AO A&O Shearman More A&O Shearman was formed in 2024 via the merger of two historic firms, Allen & Overy and Shearman & Sterling. With nearly 4,000 lawyers globally, we are equally fluent in English law, U.S. law and the laws of the world’s most dynamic markets. This combination creates a new kind of law firm, one built to achieve unparalleled outcomes for our clients on their most complex, multijurisdictional matters – everywhere in the world.
U.S. DOJ releases new uniform corporate enforcement policy
Limited to the Criminal Division. Department-wide. Applies to all corporate criminal matters handled by DOJ, except violations of 15 U.S.C. §§ 1–38 (antitrust). Assistant Attorney General for the Criminal Division or their designee in coordination with the Deputy Attorney General. Assistant Attorney General for the relevant division and/or United States Attorney for the relevant district, in coordination with the Deputy AG and Criminal Division.
The U.S. Supreme Court Rejects IEEPA Tariffs: Refund Opportunities And Uncertainty Emerge
Mark Lanpher’s articles from A&O Shearman are most popular: in United States with readers working within the Law Firm industries A&O Shearman are most popular: within Law Department Performance, Insolvency/Bankruptcy/Re-Structuring and Criminal Law topic(s) On February 20, 2026, the Supreme Court, inLearning Resources, Inc. v. Trump, struck down the Trump administration's use of the International Emergency Economic Powers Act (IEEPA) to impose tariffs on U.S. imports.
Refunds & Next Steps
The decision invalidates billions of dollars in tariffs collected over the past year, creates immediate refund opportunities for importers, and introduces significant legal and commercial uncertainty as the administration pivots to alternative statutory authority for imposing new tariffs. The Court issued a 6-3 decision, authored by Chief Justice Roberts, holding that the IEEPA does not authorize the President to impose tariffs.
Southern District Of New York Judge Rules That AI-generated Documents Prepared Without Counsel Direction Were Not Protected By Privilege
A&O Shearman are most popular: within Law Department Performance, Insolvency/Bankruptcy/Re-Structuring and Consumer Protection topic(s) with readers working within the Retail & Leisure industries On February 10, 2026, Judge Rakoff of the Southern District of New York ruled that certain AI-generated documents, created by an individual using an AI tool and then sent to that individual's attorney in the context of ongoing litigation, were not protected by attorney-client privilege or the work...
Southern District of New York judge Rules That AI-Generated Documents Prepared Without Counsel Direction Were Not Protected By Privilege | JD Supra
On February 10, 2026, Judge Rakoff of the Southern District of New York ruled that certain AI-generated documents, created by an individual using an AI tool and then sent to that individual’s attorney in the context of ongoing litigation, were not protected by attorney-client privilege or the work product doctrine. While necessarily fact-specific, the ruling highlights the discovery risks that can be created when using AI outside the specific guidance of an attorney.
S.D.N.Y. Rules that AI-generated documents prepared without the direction of counsel were not protected by privilege
The issue arose in an ongoing criminal case charging the defendant with securities fraud, wire fraud, conspiracy to commit securities and wire fraud, making false statement to auditors, and falsification of records.
Evolving ESG-related Enforcement Risk In 2026
AO A&O Shearman More A&O Shearman was formed in 2024 via the merger of two historic firms, Allen & Overy and Shearman & Sterling. With nearly 4,000 lawyers globally, we are equally fluent in English law, U.S. law and the laws of the world’s most dynamic markets. This combination creates a new kind of law firm, one built to achieve unparalleled outcomes for our clients on their most complex, multijurisdictional matters – everywhere in the world.
Meeting The Growing Demand For Data-driven Proof Of Compliance Effectiveness
AO A&O Shearman More A&O Shearman was formed in 2024 via the merger of two historic firms, Allen & Overy and Shearman & Sterling. With nearly 4,000 lawyers globally, we are equally fluent in English law, U.S. law and the laws of the world’s most dynamic markets. This combination creates a new kind of law firm, one built to achieve unparalleled outcomes for our clients on their most complex, multijurisdictional matters – everywhere in the world.
Meeting the growing demand for data-driven proof of compliance effectiveness | JD Supra
Checklist • Establish outcome metrics for major risk areas (e.g., ABAC, AML/sanctions, cyber security, privacy, and fraud) that align with risk assessments and regulatory requirements. Emphasize consistency of taxonomy across jurisdictions so that metrics are comparable and not distorted by local definition. • Boards should receive short, outcome‑focused reporting that shows what was tested, what failed, and what changed as a result.
Evolving ESG-related enforcement risk in 2026
ESG-driven enforcement is continuing to mature and is not limited to soft-law expectations or investor pressure. Across key jurisdictions, regulators and prosecutors are scrutinizing disclosures, product claims, and supply chain diligence with greater focus, while activists and NGOs are using novel legal theories to encourage governmental action and corporate behavioural change.
Evolving ESG related enforcement risk in 2026
ESG-driven enforcement is continuing to mature and is not limited to soft-law expectations or investor pressure. Across key jurisdictions, regulators and prosecutors are scrutinizing disclosures, product claims, and supply chain diligence with greater focus, while activists and NGOs are using novel legal theories to encourage governmental action and corporate behavioural change.
Proving Program Effectiveness in 2026
Authorities are increasingly requiring companies to demonstrate the effectiveness of compliance programs through data-driven evidence rather than narrative descriptions. Decisions on charging, remediation, and monitorships are increasingly based on whether controls work in practice and can be evidenced with data. This shift intensifies exposure for large multinationals that operate complex control environments, depend on third parties, and face divergent supervisory expectations across markets.
Pharma Company Challenges The U.S. False Claims Act: What's At Stake For Whistleblowers And Government Enforcement?
A pharmaceutical company is currently appealing a record USD1.6 billion judgment in the US, arguing that a key part of the U.S. False Claims Act (FCA) is unconstitutional. This case, now before the Court of Appeals for the Third Circuit, could have far-reaching consequences for how fraud against the U.S. government is uncovered and prosecuted—especially by private individuals acting as whistleblowers.
Pharma company challenges the US False Claims Act: what’s at stake for whistleblowers and government enforcement? | JD Supra
A pharmaceutical company is currently appealing a record USD1.6 billion judgment in the US, arguing that a key part of the US False Claims Act (FCA) is unconstitutional. This case, now before the Court of Appeals for the Third Circuit, could have far-reaching consequences for how fraud against the US government is uncovered and prosecuted—especially by private individuals acting as whistleblowers.
What is the False Claims Act?
A pharmaceutical company is currently appealing a record USD1.6 billion judgment in the US, arguing that a key part of the U.S. False Claims Act (FCA) is unconstitutional. This case, now before the Court of Appeals for the Third Circuit, could have far-reaching consequences for how fraud against the U.S. government is uncovered and prosecuted—especially by private individuals acting as whistleblowers. What is the False Claims Act?
U.S. DOJ First Declination For Sanctions Violation Since Creation Of M&A Safe Harbor
On June 16, 2024, the U.S. Department of Justice's (DOJ) National Security Division (NSD) and the U.S. Attorney's Office for the Southern District of Texas (SDTX) announced the first-ever declination to prosecute a firm and its affiliates following the firm's voluntary disclosure of sanctions and export control-related violations involving an entity the firm acquired in 2020.
U.S. DOJ first declination for sanctions violation since creation of M&A safe harbor | JD Supra
On June 16, 2024, the U.S. Department of Justice’s (DOJ) National Security Division (NSD) and the U.S. Attorney’s Office for the Southern District of Texas (SDTX) announced the first-ever declination to prosecute a firm and its affiliates following the firm’s voluntary disclosure of sanctions and export control-related violations involving an entity the firm acquired in 2020.
U.S. DOJ Announces Substantial Strategic Shifts In White-collar Crime Enforcement
AO A&O Shearman More A&O Shearman was formed in 2024 via the merger of two historic firms, Allen & Overy and Shearman & Sterling. With nearly 4,000 lawyers globally, we are equally fluent in English law, U.S. law and the laws of the world’s most dynamic markets. This combination creates a new kind of law firm, one built to achieve unparalleled outcomes for our clients on their most complex, multijurisdictional matters – everywhere in the world.
U.S. DOJ announces substantial strategic shifts in white-collar crime enforcement | JD Supra
A new U.S. DOJ memo published on May 12 announces significant changes to the DOJ’s white-collar crime enforcement priorities, aligning the DOJ’s approach with the Trump Administration’s “America First” agenda.
Whistleblowing: ensure programs are fit for 2025 | JD Supra
Whistleblowing has become an increasingly critical aspect of corporate governance and compliance, especially for multinational companies operating across diverse legal and regulatory landscapes. We see increased efforts by regulators to convince whistleblowers to report things to them, outside of organizations, so the importance of fostering an internal speak-up culture has never been greater. This article outlines key whistleblowing challenges for multinationals in 2025.
In A Nutshell: Key White-Collar Crime And Investigations Challenges For In-House Counsel In 2025
AO A&O Shearman More A&O Shearman was formed in 2024 via the merger of two historic firms, Allen & Overy and Shearman & Sterling. With nearly 4,000 lawyers globally, we are equally fluent in English law, U.S. law and the laws of the world’s most dynamic markets. This combination creates a new kind of law firm, one built to achieve unparalleled outcomes for our clients on their most complex, multijurisdictional matters – everywhere in the world.
Looking Back And Moving Forward - 2023 FCPA Enforcement Trends And Patterns
To view this article you need a PDF viewer such as Adobe Reader. If you can't read this PDF, you can view its text here. Go back to the PDF . United Kingdom, USA September 17 2024 aoshearman.com FCPA Digest Recent trends and patterns in the enforcement of the Foreign Corrupt Practices Act JULY 2024 Executive Summary In 2023, the DOJ and the SEC resolved a total of fourteen corporate enforcement actions under the FCPA, four more than in the previous year.
2023 Report on FINRA’s Examination and Risk Monitoring Program | JD Supra
January 20, 2023 Adam Hakki, Mark Lanpher, Andrew Lewis, Daniel Lewis, Jennifer Morton, Taylor Pugliese, Sara Raisner, Adam Schwartz, Katherine Stoller Shearman & Sterling LLP + Follow x Following x Following - Unfollow Contact To embed, copy and paste the code into your website or blog: Introduction On January 10, 2023, the Financial Industry Regulatory Authority (“FINRA”) issued its 2023 Report on FINRA’s Examination and Risk Monitoring Program (the “Report”).[1] The Report, which is a more...
SEC's Division Of Examinations Issues Risk Alert Regarding MNPI-Related Compliance Issues For Investment Advisers
On April 26, 2022, the Division of Examinations (the "Division") of the Securities and Exchange Commission issued a Risk Alert listing notable examples of deficiencies that its staff has identified regarding investment advisers' obligations to establish, maintain and enforce written policies and procedures to prevent the misuse of material nonpublic information ("MNPI"), as required by Section 204A of the Investment Advisers Act of 1940, as amended (the "Act") and Rule 204A-1 thereunder (the...
Supreme Court In CIC Services LLC v. IRS Allows Material Advisor To Seek Pre-Enforcement Injunctive Relief Against IRS
To print this article, all you need is to be registered or login on Mondaq.com. On May 17, 2021, in CIC Services LLC v. Internal Revenue Service, a unanimous U.S. Supreme Court held that the Anti-Injunction Act (AIA) does not bar an action challenging the validity of a notice issued by the IRS that imposed information reporting requirements and which sought to enforce the requirements through the imposition of tax penalties.
Treasury Finalizes Section 162(f) Regulations On The Deductibility Of Amounts Paid To, Or At The Direction Of, A Governmental Entity
To print this article, all you need is to be registered or login on Mondaq.com. On January 19, 2021, the U.S. Department of the Treasury ("Treasury") and the Internal Revenue Service (the IRS) published final regulations under section 162(f) of the Internal Revenue Code (the "Final Regulations").1 The Final Regulations implement the changes to section 162(f) made by the Tax Cuts and Jobs Act of 2017 (TCJA).
Proposed Treasury Regulations Clarify Requirements For Deducting Restitution And Legal Compliance Costs Under Section 162(f)
To print this article, all you need is to be registered or login on Mondaq.com. On May 13, 2020, the Treasury Department and the Internal Revenue Service proposed revisions to the regulations under section 162(f) of the Internal Revenue Code (the "Proposed Regulations").1 Generally, section 162(f) governs the deductibility of amounts paid or incurred by a taxpayer to, or at the direction of, a government entity for a violation (or alleged violation) of law.
Proposed Treasury Regulations Clarify Requirements for Deducting Restitution and Legal Compliance Costs under Section 162(f) | JD Supra
On May 13, 2020, the Treasury Department and the Internal Revenue Service proposed revisions to the regulations under section 162(f) of the Internal Revenue Code (the “Proposed Regulations”).[1] Generally, section 162(f) governs the deductibility of amounts paid or incurred by a taxpayer to, or at the direction of, a government entity for a violation (or alleged violation) of law.
Ninth Circuit Redo in Altera Upholds Treasury Regulation on Stock-Based Compensation | JD Supra
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
Altera: Ninth Circuit Reverses US Tax Court and Holds that Treasury Regulation Allocating Stock-Based Compensation Expenses Is Valid | JD Supra
On July 24, 2018, in Altera Corp. v.
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