On October 4, 2023, Deputy Attorney General Lisa Monaco announced the new Mergers & Acquisitions (M&A) Safe Harbor Policy of the Department of Justice (“DOJ”). Under the new policy, acquiring companies that discover and disclose misconduct in a target or recently acquired company may, subject to certain conditions and limitations, enjoy the presumption of a declination to prosecute (that is, a formal statement that the DOJ will not prosecute the company) by the DOJ.
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The Federal Trade Commission (FTC) made a significant announcement on October 27, 2023 regarding changes to the Safeguards Rule of the Gramm-Leach-Bliley Act (GLBA). These changes now require non-bank financial institutions to report specific data breaches and security incidents to the agency.
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Congress’s January 1, 2021 passage of the National Defense Authorization Act for Fiscal Year 2021 included passage of the Corporate Transparency Act (“CTA”), and in doing so established reporting requirements for many U.S. businesses with the intent of creating a database of beneficial ownership controlled by the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”).
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