Expert Analysis

• Open Issues After 2nd Circ.'s Airport Phone Search Ruling

  

  While the Second Circuit’s recent U.S. v. Alisigwe decision confirms border agents' broad authority to conduct routine manual cellphone searches at ports of entry, significant questions remain about more wide-ranging forensic searches at the border, say attorneys at Baker Botts.

• FTC's Changing Model Raises Questions About Its Mission

  

  Federal Trade Commission leaders have recently sketched a vision of an agency that continues an enforcement role distinct from the U.S. Department of Justice's, even as a shift toward greater presidential control makes enforcement more responsive to changes in administrations, say attorneys at Wiley.

• 2nd Circ. EFAA Ruling Shifts Employer Litigation Strategy

  

  In Diaz-Roa v. Hermes Law, the Second Circuit recently held that, under the Ending Forced Arbitration of Sexual Assault and Sexual Harassment Act, employers can't carve out nonharassment claims and send them to arbitration, which has implications for discovery, litigation costs and resolution strategy in EFAA-covered disputes, say attorneys at Krevolin Horst.

• The Future Of PCAOB Enforcement After Post-Jarkesy Win

  

  While the Public Company Accounting Oversight Board recently defeated procedural and structural challenges to its enforcement program in D.C. federal court, it's unclear what claims and sanctions the PCAOB can bring against respondents — and whether it's interested in instituting disciplinary proceedings generally, says Mike Plotnick at King & Spalding.

• Digging Into Dems' Letter On Subpoena Secrecy Demands

  

  Lawmakers’ recent letter arguing that federal agencies’ use of boilerplate nondisclosure language in subpoenas pressures recipients into silence may lead to a significant overhaul of the current framework, but in the meantime, companies should review their rights and options, say attorneys at Crowell & Moring.

• Bribery Verdict Offers Guide To Post-Pause FCPA Priorities

  

  A former Goldman Sachs investment banker's recent Foreign Corrupt Practices Act conviction offers insights into how the U.S. Department of Justice is applying its FCPA guidelines following the Trump administration's 2025 pause on enforcement, and illustrates the importance of a company’s escalation procedures and follow-through, say attorneys at Debevoise.

• 3rd Circ. Ruling Opens Door For Fraud-On-The-Market Rethink

  

  The Third Circuit's recent decision in Ocugen, holding that a stable stock price after publication of restated financials does not prove immateriality, could be a vehicle for the U.S. Supreme Court to overturn the doctrine undergirding certification of securities class actions, says Jonathan Richman at Brown Rudnick.

• How NRC's New Rules Alter Foreign-Financed Reactor Deals

  

  New Nuclear Regulatory Commission rules for reactor licensing open U.S. nuclear projects to foreign capital, presenting new considerations for structuring governance, diligence and approvals to secure and maintain eligibility, says J. Brin Gibson at Spencer Fane.

• AG Watch: Minnesota Takes Action To Secure Child Safety

  

  Minnesota Attorney General Keith Ellison has built one of the most aggressive and structurally coherent child protection enforcement programs in the country, targeting consumer-facing sectors that his office has concluded prey on minors, such as tobacco and nicotine, social media platforms, and artificial intelligence, say attorneys at Crowell & Moring.

• Opinion

  The SEC Crypto Proposal Rests On A Term No One Can Define

  

  The U.S. Securities and Exchange Commission's recently proposed Regulation Crypto Assets is its most ambitious attempt to set rules for the crypto industry, but its repeated use of the phrase "essential managerial efforts" means it perpetuates the uncertainty the regime is meant to cure, says Joseph A. Hall at Davis Polk.

• Navigating Dueling Regulations For Bank Investment Advisers

  

  Recent U.S. Securities and Exchange Commission examination findings show that investment advisory activities remain an active area of regulatory focus, and reinforce the need for banks to assess intersecting compliance obligations, say attorneys at Fredrikson.

• Series

  Being In The Peace Corps Made Me A Better Lawyer

  

  When I served in the Peace Corps, the people of the West African village where I was stationed helped me acclimate to my new surroundings and enabled me to develop problem-solving, teamwork and empathy skills that have bolstered my legal practice far beyond the ability to offer technical advice, says Brian Bewley at McGuireWoods.

• Opening Up Fraud Talks With Customers After SAR Guidance

  

  Federal financial regulators’ recent statement that the Bank Secrecy Act permits financial institutions to discuss potential fraud with customers, provided they don’t reveal the existence of any suspicious activity reports, means banks that have been tighter-lipped than regulations require can consider passing additional useful information on to customers, say attorneys at MoFo.

• Measuring Shareholder Harm In Death Spiral Convertibles

  

  As convertible structures have recently regained prominence, it's important to revisit the so-called floating-price death spiral convertible and how to quantify the losses for shareholders when disputes arise, says Pavithra Kumar at Conexig.

• A Nuanced Reading Of DOL's Mental Health Parity Guidance

  

  Though a recent U.S. Department of Labor bulletin may suggest that agency enforcement pressure on group health plans with respect to mental health parity is easing, the takeaways are more complex, and plan sponsors should not relax compliance efforts, say attorneys at Proskauer.