Corporate Carrots of Certainty, Swift Resolution: S.D.N.Y. Revises Corporate Self-Disclosure Policy

By Lauren Briggerman, Megan Gaffney Painter and Elizabeth Profaci on February 23, 2026 Posted in General

Earlier this month, the U.S. Attorney’s Office for the Southern District of New York (“S.D.N.Y”) announced a revised corporate self-disclosure policy designed to incentivize companies to cooperate in criminal investigations. The updated policy, which the S.D.N.Y. expects to publish soon, will offer carrots to corporations that disclose criminal conduct and agree to cooperate and remediate: (1) a swift, conditional agreement not to charge the company with a crime and (2) rapid resolution of any investigation. By forecasting early on to disclosing companies whether they stand to escape criminal charges, the new S.D.N.Y. Policy may offer companies and their shareholders more certainty. Regardless of whether corporations choose to self-disclose, they should adopt effective compliance programs with clear reporting channels so that employees can report potential misconduct.

The Importance of Being Earnest…

By Francesco Liberatore on February 18, 2026 Posted in Antitrust, Compliance Program, Italy

Why Companies Operating in Italy Need a Solid Antitrust Compliance Programme Ahead of the New AGCM Legality Rating Regime

From 16 March 2026, Italy’s Autorità Garante della Concorrenza e del Mercato (AGCM) will apply its newly updated Legality Rating Regulation, which seeks to promote ethical corporate conduct by rating companies based on their adherence to certain compliance standards. The updated Regulation strengthens requirements and revises procedures for companies seeking or renewing a legality rating. The new framework—set out in AGCM Decision No. 31812 of 27 January 2026 and published in the Italian Official Gazette—extends the rating’s validity to three years, updates eligibility conditions and imposes stricter consequences for incomplete or incorrect information. Of note, it now requires companies to demonstrate a credible, functioning and continuously updated antitrust compliance program in order to meet AGCM’s standards. Companies operating in Italy should prioritize implementing any compliance changes necessary to meet the heightened standards, including adopting an effective antitrust compliance program.

Bad News, Good Lawyers: A conversation with Professor Ben Nathans on the Soviet dissident movement

Join Tom Firestone for a fascinating conversation with Benjamin Nathans, Alan Charles Kors Endowed Term Professor of History at the University of Pennsylvania. Tom and Professor Nathans discuss his Pulitzer Prize winning book, To the Success of Our Hopeless Cause: The Many Lives of the Soviet Dissident Movement and cover a number of interesting topics, including:

The concept of “civil obedience” and how a dictatorship’s own laws can be used to combat it
Why did “Respect the Soviet Constitution” become a slogan for some Soviet dissidents
What KGB files reveal about KGB interrogation techniques and the role of the KGB in the Soviet Union
The dilemmas faced by international NGOs in supporting human rights movements in dictatorships

Listen in

Announcing the Bad News, Good Lawyers Podcast

We are pleased to announce a new podcast series: “Bad News, Good Lawyers – Where Law Meets Politics”. Hosted by Tom Firestone, global chair of our Government Investigations & White Collar Practice, each episode will offer a unique perspective on legal and political developments of interest to businesses across the globe. Join Tom and his guests from around the world for insightful discussions that highlight the creative solutions good lawyers are developing for some of the most challenging issues.

In the opening episode, Tom speaks to Rob Zachariasiewicz (Zach) of Elicius Intelligence. Zach spent more than twenty years with the US Drug Enforcement Administration (DEA), primarily with the Special Operations Division (SOD), where he developed and managed some of the DEA’s most significant and cases, including many related to Nicolás Maduro’s regime in Venezuela.

Listen in on this fascinating discussion, where Zach, who is also a lawyer, shares his unique perspectives on the Maduro case.

Listen now

Sixth Circuit Grants Extraordinary Relief in FirstEnergy Discovery Dispute

By Colin Jennings, Ayako Russell and Trane Robinson on December 31, 2025 Posted in Department of Justice, Government Investigation, Securities Litigation and Enforcement, U.S. Securities and Exchange Commission, U.S. Securities and Exchange Commission, United States

Recently, the Sixth Circuit said it would not reconsider its October 2025 ruling that affirmed the rule that the fruits of counsel’s investigations are protected under privilege, holding “there is no way to affirm the district court’s ruling [compelling production of withheld documents] without abandoning nearly a half century of jurisprudence concerning the scope of the attorney-client privilege and work-product doctrine.” In re FirstEnergy Corp., No. 24-3654 (quotation and citation omitted). The production at issue stemmed from internal investigations at FirstEnergy prompted by “an assortment of legal and regulatory actions” spun off from the high-profile corruption prosecution and conviction of former Ohio House Speaker Larry Householder. (For disclosure: Squire Patton Boggs (US) LLP conducted an internal investigation on behalf of the board of directors.) For background, the Ohio General Assembly passed legislation in 2016 designed to bail out energy giant FirstEnergy from “dire financial straits.” United States v. Householder, 137 F.4th 454 (6th Cir. 2025). Speaker Householder accepted a hefty campaign bribe to see the legislation through—and the Sixth Circuit affirmed his conviction earlier this year. Id.

Complying with the EU’s Forced Labor Regulation: Compliance Obligations for Business

By Marion Seranne, Thomas Delille and Adèle Bourgin on December 2, 2025 Posted in Compliance Program, Corporate compliance, EU, France, General, Germany, Government Investigation, Italy

The EU’s new Forced Labor Regulation (the “EUFLR” or “the Regulation”) was published in the EU’s Official Journal on December 12, 2024.[1] Under the new Regulation, products that have been created through the use of forced labor will no longer be allowed to be introduced into the EU market or permitted to be exported from it.[2] Although the EUFLR will not come into effect until December 2027, businesses are wise to begin taking steps to ensure that they are compliant well before that time.[3] The Regulation introduces substantial new compliance obligations on all businesses operating in the EU market (or exporting from it), which may require a significant effort from companies that are affected to ensure conformity.

In this post, we offer an overview of the relevant compliance obligations that businesses impacted by the EUFLR need to be aware of. This includes, but is not limited to, implied due diligence obligations that may not be readily apparent and that many companies may not have encountered before.

Who does the EUFLR apply to?

Navigating the Latest Developments in Anti-corruption and White-Collar Crime in France

By Marion Seranne and Saeid Abedi on October 2, 2025 Posted in Anti-corruption, Compliance Program, Corporate compliance, Corporate Finance/M&A, Corruption, Courts, EU, France, General, Government Investigation, Industry Investigations, UK Bribery Act, United Kingdom

While the EU still lacks a unified regulatory framework, France has positioned itself as a key actor in the fight against corruption. This is due in large part to the impending adoption of the proposed Directive on combating corruption^[1] of May 3, 2023, which (i) provides harmonized definition for some offences, including active[2] and passive[3] bribery; (ii) introduces new offences such as illicit enrichment;[4] and (iii) introduces penalties in the form of fines ranging from at least 3% to 5% of the total worldwide turnover, or at least €24 or €40 million.[5]

Over the last decade, France has transformed its approach to fighting corruption,^[6] shifting from a reactive stance to a comprehensive, prevention-oriented regime designed to embed anti-corruption compliance into the very fabric of corporate governance.

French focus: Two key authorities acting jointly in enforcing corruption

The Inspector General Podcast: From DOJ to NASA to USAID — Paul Martin on a Career in the Inspector General Community

By Clark Ervin on September 16, 2025 Posted in Anti-corruption, Compliance Program, Department of Justice, Government Investigation, Inspector General, United States, US Department of Justice

In the latest episode of The Inspector General podcast series, we hear from the former Inspector General of USAID and NASA (and former Deputy Inspector General of the Department of Justice), Paul Martin, as he:

Reflects on what he’s achieved and learned over the course of his distinguished decades-long career in the Inspector General community
Explains why every American should know and care about the work Inspectors General do to make our government more effective, efficient and economical

Listen in here.

We hope you will continue to join us for this engaging series.

EU ESG – Managing ESG Compliance While CSRD and CS3D Are Under Review

By Marion Seranne, Thomas Delille and Charles Monnot on September 2, 2025 Posted in Compliance Program, Corporate compliance, EU, France, Germany, Italy

Launched in 2019, the EU Green Deal sets out a “plan to transform Europe’s economy, energy, transport, and industries for a more sustainable future”[1] by steering companies toward sustainability-oriented business models and achieving climate neutrality by 2050. As the flagship initiative of Ursula von der Leyen’s first Commission mandate, the EU Green Deal originally prioritized ambitious climate, environmental and social objectives. However, developments in early 2025 indicate a significant strategic shift within the EU, prioritizing competitiveness through its new “Competitiveness Compass” and reducing emphasis on the initial green agenda.

This shift is reflected in efforts to simplify regulatory requirements associated with the Green Deal, aiming to reduce compliance burdens on businesses, including two umbrella regulations:

UK Failure To Prevent Fraud Offence: Countdown to The 1st of September 2025 – Is Your Organisation Ready?

By Hannah Laming and Grace King on August 28, 2025 Posted in Anti-corruption, Compliance Program, Corporate compliance, Corruption, Courts, Fraud, Government Investigation, Serious Fraud Office (SFO), United Kingdom

Ahead of the new Failure To Prevent Fraud Offence[1] (“FTPFO”) coming into force on Monday 1 September 2025, the Serious Fraud Office (“SFO”) and the Crown Prosecution Service (“CPS”) have updated their Joint Prosecution Corporate Guidance (“Joint Guidance”). The Joint Guidance serves as a timely reminder to organisations that their grace period to implement, review, and improve their fraud prevention frameworks is coming to an end.

Following the Joint Guidance, the announcements from the prosecution authorities[2]suggest they are taking Failure to Prevent Fraud (“FTPF”) enforcement very seriously. Nick Ephgrave, the Director of the SFO, has stated that “now is the time to take action. Corporations must get their house in order or be ready to face investigation.”

Reflecting a similar urgency, Hannah von Dadelszen, Chief Crown Prosecutor at the CPS explained: