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The recent decision in United States v. Blaszczak may signal a change in how prosecutors in the Second Circuit, and perhaps in other jurisdictions, pursue insider-trading cases.
The recent decision in United States v. Blaszczak may signal a change in how prosecutors in the Second Circuit, and perhaps in other jurisdictions, pursue insider-trading cases. United States v. Blaszczak, — F.3d —-, Nos. 18-2811, 18-2825, 18-2867, 18-2878, 2019 WL 7289753 (2d Cir. Dec. 30, 2019). In Blaszczak, the United States Court of Appeals for the Second Circuit held that insider-trading under Title 18 of the U.S. Code does not involve the same “personal benefit” test the Supreme Court applied to insider-trading under Title 15 in Dirks v. SEC, 463 U.S. 646 (1983). The Blaszczak decision arguably provides the government with an avenue to avoid the Supreme Court’s ruling in Dirks and could embolden prosecutors to charge defendants more aggressively with insider trading under Title 18. But while Blaszczak relieves the government of the “personal benefit” test, prosecutors will likely still have to show a defendant defrauded a victim of “property” under 18 U.S.C. §1348. This “property” requirement, which does not apply to Title 15’s insider-trading provisions, may continue to limit how aggressively the government employs Title 18 to prosecute such cases.
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Common Pitfalls In Personal Device Collection
By Marjorie Peerce and Marguerite O’Brien
Both the DOJ and the SEC have made it clear that they will look at company BYOD policies when assessing how to resolve matters under their purview. To avoid pitfalls — and sanctions — counsel must take proactive steps to ensure proper preservation and collection of personal mobile data and verify that clients comply.
FCPA Compliance Guidance for Global Businesses
By Cole Callihan
The Biden administration and its Justice Department have established countering corruption as a core U.S. national security interest. Companies with any international operations should ensure they have a robust written policy and compliance program focused on anti-bribery and corruption.
Regulators Want AI Companies to Respect Antitrust and Consumer Protection Laws
By Karen Hoffman-Lent and Kenneth Schwartz
The new era of AI technology has ushered in competition concerns alongside consumer-protection fears. Accordingly, regulators and lawmakers are taking note of the AI craze and are keen on ensuring that companies involved in AI are respecting both antitrust and consumer protection laws.
Will the Corporate Transparency Act Smother the Cannabis Industry?
By Steve Schain
The CTA requires business entities to file information on their “beneficial owners” with FinCEN, which, in turn, may disclose it to domestic and foreign law enforcement agencies, prosecutors, judges and financial institutions.