On April 14, 2026, a Seventh Circuit panel took the rare step of ordering the immediate release of Sidley client Anne Pramaggiore from federal custody pending a new trial. Pramaggiore, the former CEO of Commonwealth Edison, was convicted in May 2023 of charges including violations of the federal programs bribery statute (18 U.S.C. § 666), violations of books-and-records provisions of the Foreign Corrupt Practices Act (FCPA), and conspiracy. Following the Supreme Court’s decision in Snyder v. United States, 603 U.S. 1 (2024), the District Court vacated the bribery convictions but left the remaining convictions intact. On appeal, the Seventh Circuit panel indicated that because two of the alleged objects of the conspiracy were invalid following Snyder, the jury returned a general verdict form not specifying what object of the conspiracy it found the defendants agreed to commit, and the jury had received a co-conspirator liability instruction (commonly known as a Pinkerton instruction) over a defense objection, it would be impossible to tell whether the remaining convictions rested on valid or invalid grounds. A full written opinion is expected to follow.
On April 14, 2026, at a conference hosted by New York University School of Law’s Program on Corporate Compliance and Enforcement, Jay Clayton, the U.S. Attorney for the Southern District of New York (SDNY), publicly addressed whether the Department of Justice (DOJ)’s recently announced Department-wide Corporate Enforcement and Voluntary Self-Disclosure Program (CEP) supersedes SDNY’s own Corporate Enforcement and Voluntary Self-Disclosure and Cooperation Program (the SDNY Program). Clayton stated that the two policies are not in tension and that his Office continues to invite companies to self-report misconduct under the SDNY Program.
On April 16, 2026, the Financial Crimes Enforcement Network (“FinCEN”) released its Year in Review for Fiscal Year 2025 (the “FY 2025 Report”). The report provides a concise overview of recent regulatory and enforcement developments in the financial crimes space and offers insight into FinCEN’s evolving priorities.
FinCEN highlights several key accomplishments over the past year, including reporting $10 billion in savings attributed to deregulatory efforts, enhancing the management and sharing of Bank Secrecy Act (“BSA”) data with law enforcement, and expanding engagement with private-sector stakeholders on anti-money laundering and countering the financing of terrorism (“AML/CFT”) issues.
https://whitecollarwatch.sidley.com/wp-content/uploads/sites/8/2026/04/MN-18360_Updated-Enhanced-Scrutiny-Blog-imagery_833x606_29.jpg606833Matthew Podolskyhttp://whitecollarwatch.sidley.com/wp-content/uploads/sites/8/2026/03/sidleyLogo-e1643922598198.pngMatthew Podolsky2026-04-22 14:07:582026-04-22 18:35:22Evolving AML/CFT Expectations and Enforcement Priorities as FinCEN Releases FY 2025 Year in Review
The U.S. Department of the Treasury, through the Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC) (collectively Treasury) issued a joint notice of proposed rulemaking on April 8, 2026, to implement the anti-money-laundering (AML) and sanctions compliance provisions of the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act), establishing a regulatory framework for permitted payment stablecoin issuers (PPSIs), hereinafter collectively “the proposed rule.”[1] The proposed rule does not address the GENIUS Act’s customer identification program (CIP) requirements, which are expected to be the subject of a separate rulemaking.
http://whitecollarwatch.sidley.com/wp-content/uploads/sites/8/2026/03/sidleyLogo-e1643922598198.png00Paul M. Tyrrellhttp://whitecollarwatch.sidley.com/wp-content/uploads/sites/8/2026/03/sidleyLogo-e1643922598198.pngPaul M. Tyrrell2026-04-22 12:22:072026-04-22 17:45:29FinCEN, Office of Foreign Assets Control Propose Anti-Money-Laundering Program and Sanctions Requirements for Stablecoin Issuers
On April 7, 2026, the SEC Division of Enforcement published its annual enforcement results for the 2025 fiscal year (October 2024 through September 2025). The Division reported 456 total enforcement actions, the lowest number in at least 20 years, including 303 “stand-alone” actions; 69 “follow-on” administrative proceedings arising from other civil, criminal, or administrative events; and 84 actions against delinquent filers. The SEC also reported approximately $17.9 billion in monetary relief.
https://whitecollarwatch.sidley.com/wp-content/uploads/sites/8/2026/02/GettyImages-1307247030.jpg400600Stephen L. Cohenhttp://whitecollarwatch.sidley.com/wp-content/uploads/sites/8/2026/03/sidleyLogo-e1643922598198.pngStephen L. Cohen2026-04-09 21:50:332026-04-22 18:30:06SEC Enforcement FY2025 Results Signal Shift in Priorities in Direct Critique of Prior Administration
This article analyzes the CFTC’s latest guidance and proposed rulemaking efforts shaping the future of prediction markets, signaling a more assertive regulatory approach. It highlights key considerations for market participants, including contract design, manipulation risk, and engagement with regulators and industry stakeholders, particularly in the context of sports-related event contracts. (more…)
Sidley partner Tobias Loss-Eaton is set to argue his first case before the U.S. Supreme Court, representing a former Twitter employee convicted of spying for Saudi Arabia. The case centers on whether federal prosecutors brought an obstruction charge in the proper venue, raising broader constitutional questions about where criminal cases can be tried. Loss-Eaton, who helped bring the case to the Court through Northwestern’s Supreme Court clinic, now prepares to make his debut at the lectern in a closely watched dispute over the limits of federal venue law.
https://whitecollarwatch.sidley.com/wp-content/uploads/sites/8/2026/03/SupremeCourtBuilding.jpg606833White Collar Watchhttp://whitecollarwatch.sidley.com/wp-content/uploads/sites/8/2026/03/sidleyLogo-e1643922598198.pngWhite Collar Watch2026-03-27 13:15:532026-04-22 17:56:54Sidley’s Loss-Eaton Making Supreme Court Debut in Saudi Spy Case
On March 10, 2026, the U.S. Department of Justice (DOJ or the Department) announced a new Department-wide Corporate Enforcement and Voluntary Self-Disclosure Policy (CEP). For the first time, the policy establishes a uniform framework governing corporate enforcement decisions across all DOJ components, including U.S. Attorneys’ Offices nationwide, with the exception of the Antitrust Division, which will maintain its separate and longstanding leniency policy. DOJ’s stated goal for the CEP is to promote greater consistency, predictability, transparency, and fairness in DOJ’s prosecutions of corporate criminal matters.
Seventh Circuit Orders Release of Sidley Client
On April 14, 2026, a Seventh Circuit panel took the rare step of ordering the immediate release of Sidley client Anne Pramaggiore from federal custody pending a new trial. Pramaggiore, the former CEO of Commonwealth Edison, was convicted in May 2023 of charges including violations of the federal programs bribery statute (18 U.S.C. § 666), violations of books-and-records provisions of the Foreign Corrupt Practices Act (FCPA), and conspiracy. Following the Supreme Court’s decision in Snyder v. United States, 603 U.S. 1 (2024), the District Court vacated the bribery convictions but left the remaining convictions intact. On appeal, the Seventh Circuit panel indicated that because two of the alleged objects of the conspiracy were invalid following Snyder, the jury returned a general verdict form not specifying what object of the conspiracy it found the defendants agreed to commit, and the jury had received a co-conspirator liability instruction (commonly known as a Pinkerton instruction) over a defense objection, it would be impossible to tell whether the remaining convictions rested on valid or invalid grounds. A full written opinion is expected to follow.
(more…)
Michael Levy
New York
mlevy@sidley.com
Clayton Addresses the Uncertainty Surrounding SDNY’s Self-Disclosure Program
On April 14, 2026, at a conference hosted by New York University School of Law’s Program on Corporate Compliance and Enforcement, Jay Clayton, the U.S. Attorney for the Southern District of New York (SDNY), publicly addressed whether the Department of Justice (DOJ)’s recently announced Department-wide Corporate Enforcement and Voluntary Self-Disclosure Program (CEP) supersedes SDNY’s own Corporate Enforcement and Voluntary Self-Disclosure and Cooperation Program (the SDNY Program). Clayton stated that the two policies are not in tension and that his Office continues to invite companies to self-report misconduct under the SDNY Program.
(more…)
Matthew Podolsky
New York
matthew.podolsky@sidley.com
Lisa H. Miller
Washington, D.C.
lisa.miller@sidley.com
Asher J. Zlotnik
New York
asher.zlotnik@sidley.com
Evolving AML/CFT Expectations and Enforcement Priorities as FinCEN Releases FY 2025 Year in Review
On April 16, 2026, the Financial Crimes Enforcement Network (“FinCEN”) released its Year in Review for Fiscal Year 2025 (the “FY 2025 Report”). The report provides a concise overview of recent regulatory and enforcement developments in the financial crimes space and offers insight into FinCEN’s evolving priorities.
FinCEN highlights several key accomplishments over the past year, including reporting $10 billion in savings attributed to deregulatory efforts, enhancing the management and sharing of Bank Secrecy Act (“BSA”) data with law enforcement, and expanding engagement with private-sector stakeholders on anti-money laundering and countering the financing of terrorism (“AML/CFT”) issues.
Matthew Podolsky
New York
matthew.podolsky@sidley.com
Lisa H. Miller
Washington, D.C.
lisa.miller@sidley.com
Asher J. Zlotnik
New York
asher.zlotnik@sidley.com
Michael D. Mann
New York
mdmann@sidley.com
Brian C. Earl
New York
bearl@sidley.com
FinCEN, Office of Foreign Assets Control Propose Anti-Money-Laundering Program and Sanctions Requirements for Stablecoin Issuers
The U.S. Department of the Treasury, through the Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC) (collectively Treasury) issued a joint notice of proposed rulemaking on April 8, 2026, to implement the anti-money-laundering (AML) and sanctions compliance provisions of the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act), establishing a regulatory framework for permitted payment stablecoin issuers (PPSIs), hereinafter collectively “the proposed rule.”[1] The proposed rule does not address the GENIUS Act’s customer identification program (CIP) requirements, which are expected to be the subject of a separate rulemaking.
(more…)
Paul M. Tyrrell
Boston
ptyrrell@sidley.com
Andrew J. Sioson
Washington, D.C.
asioson@sidley.com
Kristin S. Teager
Washington, D.C.
kteager@sidley.com
Stanley J. Boris
Washington, D.C.
sboris@sidley.com
Jess Cheng
New York
jcheng@sidley.com
Maura Rezendes
Washington, D.C.
maura.rezendes@sidley.com
Jen Fernandez
Washington, D.C.
jen.fernandez@sidley.com
Andrew W. Shoyer
Washington, D.C.
ashoyer@sidley.com
SEC Enforcement FY2025 Results Signal Shift in Priorities in Direct Critique of Prior Administration
On April 7, 2026, the SEC Division of Enforcement published its annual enforcement results for the 2025 fiscal year (October 2024 through September 2025). The Division reported 456 total enforcement actions, the lowest number in at least 20 years, including 303 “stand-alone” actions; 69 “follow-on” administrative proceedings arising from other civil, criminal, or administrative events; and 84 actions against delinquent filers. The SEC also reported approximately $17.9 billion in monetary relief.
(more…)
Stephen L. Cohen
Washington, D.C., Boston, ...
scohen@sidley.com
Lara Mehraban
New York
lmehraban@sidley.com
Ranah Esmaili
Washington, D.C., New York
resmaili@sidley.com
W. Hardy Callcott
San Francisco
wcallcott@sidley.com
Simona K. Suh
New York
simona.suh@sidley.com
David S. Petron
Washington, D.C.
dpetron@sidley.com
Christopher R. Mills
Washington, D.C.
cmills@sidley.com
Ike Adams
Washington, D.C.
iadams@sidley.com
Kenyon Hall
Boston
kenyon.hall@sidley.com
Sidley Discusses CFTC Guidance, Advance Notice of Proposed Rulemaking for Prediction Markets
This article analyzes the CFTC’s latest guidance and proposed rulemaking efforts shaping the future of prediction markets, signaling a more assertive regulatory approach. It highlights key considerations for market participants, including contract design, manipulation risk, and engagement with regulators and industry stakeholders, particularly in the context of sports-related event contracts. (more…)
Ian McGinley
New York
ian.mcginley@sidley.com
Kate Lashley
Miami, New York
klashley@sidley.com
Peter Malyshev
Washington, D.C.
peter.malyshev@sidley.com
Nathan A. Howell
Chicago
nhowell@sidley.com
Daniel J. Hay
Washington, D.C.
dhay@sidley.com
Sidley’s Loss-Eaton Making Supreme Court Debut in Saudi Spy Case
Sidley partner Tobias Loss-Eaton is set to argue his first case before the U.S. Supreme Court, representing a former Twitter employee convicted of spying for Saudi Arabia. The case centers on whether federal prosecutors brought an obstruction charge in the proper venue, raising broader constitutional questions about where criminal cases can be tried. Loss-Eaton, who helped bring the case to the Court through Northwestern’s Supreme Court clinic, now prepares to make his debut at the lectern in a closely watched dispute over the limits of federal venue law.
(more…)
White Collar Watch
U.S. DOJ Implements Uniform Corporate Enforcement and Voluntary Self-Disclosure Framework Across All Components Except Antitrust
On March 10, 2026, the U.S. Department of Justice (DOJ or the Department) announced a new Department-wide Corporate Enforcement and Voluntary Self-Disclosure Policy (CEP). For the first time, the policy establishes a uniform framework governing corporate enforcement decisions across all DOJ components, including U.S. Attorneys’ Offices nationwide, with the exception of the Antitrust Division, which will maintain its separate and longstanding leniency policy. DOJ’s stated goal for the CEP is to promote greater consistency, predictability, transparency, and fairness in DOJ’s prosecutions of corporate criminal matters.
(more…)
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Alexa Poletto
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Karen A. Popp
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Doreen M. Rachal
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Frank R. Volpe
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Marisa S. West
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