Regulatory

Clients turn to Sidley for our leadership in addressing the array of regulatory, policy, and compliance challenges that arise in conducting business across borders. Our lawyers work together across the firm’s global network of 21 offices — located in leading financial centers in Asia, Europe, and the United States — to provide targeted legal guidance in regulatory investigations, compliance, and enforcement proceedings. Our deep bench and cross-border coordination allow us to be nimble, staffing up our teams to handle any size matter at a moment’s notice, anywhere in the world.

Ranked by Chambers Global for International and Cross-Border Work in Energy, Finance and Capital Markets, Investigations and Enforcement, Investment Funds and Asset Management, Life Sciences and Pharmaceutical, and Technology

The firm possesses an in-depth understanding of local laws across jurisdictions, allowing us to seamlessly guide clients through the political and procedural landscape in which policy and regulation are made. Our cross-border team features 100+ lawyers who have held senior positions within key regulatory agencies globally, providing our clients with an invaluable insider’s perspective as they navigate industry changes, technological advances, market demands, and policy hurdles.

We also understand the complexities a regulated company faces when undertaking a cross-border transaction. Our global platform comprises multidisciplinary practices dedicated to serving companies that operate across a wide range of industries. Leveraging our substantive subject-matter resources, experience in the formation of law and public policy, and deep regulatory knowledge, we counsel and defend clients in all aspects of their global business.

Experience

Select representations of our cross-border experience include the following.

Represented an American multinational information technology company in a U.S. Securities and Exchange Commission investigation focused on disclosure issues regarding channel inventory and sales promotion practices.
Representing Deloitte Global in a U.S. Securities and Exchange Commission investigation, settlement, and remedial efforts undertaken by Deloitte Touche Tohmatsu. Deloitte-China was cited for failing to comply with fundamental U.S. auditing requirements in its component audits of U.S. issuers and its audits of foreign companies listed on U.S. exchanges.
Advised Herbalife, one of the world’s largest dietary supplement companies, in the resolution of investigations by the U.S. Department of Justice and the U.S. Securities and Exchange Commission regarding potential FCPA violations. The DOJ and the SEC announced the criminal and civil settlements in August 2020. Herbalife entered into a three-year deferred prosecution agreement with the DOJ that did not require a monitor.
Represented the audit committee of the board of directors of a public company in wide-ranging FCPA investigations spanning several jurisdictions in Latin America, including Brazil, Mexico, Argentina, and Chile, as well as South Korea and Romania.
Represented Lars Mørch, former Danske Bank executive board member and former head of International Banking of Danske Bank, in connection with the largest money laundering case by value of sums laundered (US$230 billion). The high-profile investigation was initiated by financial journalists, led to the resignation of the chairman and chief executive officer of the bank, and continues to be heavily covered by the media.
The U.S. Department of Justice, the U.S. Securities and Exchange Commission, and United Kingdom, Danish, and Estonian prosecutors are conducting the extensive investigation into Russian and Azerbaijani laundromats who allegedly misused Danske Bank’s Estonian branch to launder more than US$230 billion of assets from criminal activities derived from Russia and Central Asia.
Represented the CEO of a Chinese company in connection with the settlement, announced September 2022, of a multi-year U.S. Securities and Exchange Commission Enforcement investigation concerning insider trading pursuant to a 10b5-1 plan. In this instance, the SEC narrowed its focus to a limited set of trades, and there was no officer and director bar.
Represented Tupperware in a U.S. Securities and Exchange Commission investigation and negotiated settlement of an enforcement matter concerning failure to maintain accounting books and records by a now-divested Mexican-based subsidiary, House of Fuller, during the period 2016 through 2020.

Guided an international internet technology company whose products were attacked by the Russian GRU (Sandworm) in its legal and technical collaboration with the U.S. Department of Justice, the FBI, the U.S. Cybersecurity and Infrastructure Security Agency, the UK National Cyber Security Centre, and other agencies, leading to the attorney general and FBI director’s announcement of the successful disruption of the Cyclops Blink malicious botnet.
Advised an international pharmaceutical company on the development and implementation of a global privacy program, including assisting the company with its data mapping activities, drafting privacy policies, notices, assessments and procedures, reviewing vendor contracts, developing template contractual provisions, security requirements for vendors, and advising on international transfers including Schrems II.
Representing a global airline in its efforts to reduce greenhouse gases emissions by 100% by 2050, including representing the company in making investments in emerging technologies that combat climate change and advising on updates to its corporate responsibility report.
Representing the African Union before the international tribunal for the law of the sea, in an advisory proceeding concerning climate change and its effects on the marine environment.
Served as lead counsel in an internal investigation and successfully defended Ford Motor Company in an emissions and fuel economy matter before several U.S. authorities and international regulators, including the Environmental Protection Agency, the California Air Resources Board, the U.S. Department of Justice, and the U.S. Securities and Exchange Commission.
Represented Axion Global Asset Management Limited, an indirect, non-wholly-owned subsidiary of Edvance International Holdings Limited, in securing regulatory approval from the Hong Kong Securities and Futures Commission to manage 100% virtual asset portfolios. Sidley was among the first law firms in Hong Kong to secure such an approval for a client, and has acted on half of the virtual asset applications for licensed fund managers to date in the virtual asset fund management sector.
Advised several global financial institutions on corporate card programs, including carrying out regulatory due diligence in more than 100 jurisdictions.
Advising clients on the developing UK/EU regulatory framework for crypto-assets, including the proposed EU markets in Crypto-Assets Regulation.
Advised a multinational medical device and health care company on the classification and compliance for a new diagnostic device which involved a complex analysis of how artificial intelligence and machine learning may impact the current medical device framework. We are also providing a multi-jurisdictional analysis of how artificial intelligence may impact regulatory, data privacy, antitrust, IP, and liability-related risks for the client and its business.
Represented Myovant Sciences, a biopharmaceutical company focused on developing innovative treatments for women’s health and prostate cancer, in an exclusive license agreement with Accord Healthcare, Ltd., to commercialize relugolix for the treatment of advanced, hormone-sensitive prostate cancer in the European economic area, United Kingdom, Switzerland, and Turkey.
Represented WEX Inc., a financial technology solutions provider, on regulatory and commercial aspects of its acquisition of eNett, a leading international provider of B2B payments solutions, and Optal, a company that specializes in optimizing B2B transactions.
Advising numerous major financial institutions on their post-Brexit operations and the implications of Brexit from a wider strategic perspective.
Acting for a U.S.-listed computer networking client in relation to interactions with and possible benefits to Chinese government officials and advising on data privacy laws such as the China Personal Information Protection Law, and in the context of the provision of information to U.S. regulators, the Chinese blocking statutes, the Data Security Law, and China Cybersecurity Law.
Advising a U.S. food processing and commodities trading corporation on a data breach and possible breach notifications in Australia, Singapore, Japan, and Korea.
Advising one of the world’s largest European electrical appliances companies on data privacy, the ethics helpline, the application of the EU Whistleblowers Directive, anti-bribery laws, and employment laws in Asia, including China, Hong Kong, Australia, New Zealand, Singapore, Taiwan, Thailand, India, Vietnam, and Malaysia.
Advising multiple clients, including one of the world’s largest consumer health companies and various fast-moving consumer goods companies on data privacy laws in Asia, online policies, use of cookies, agreements with customers on the collection/use/transfer of data, drafting customer and vendor agreements, and handling a major breach incident in the Asia Pacific, including a disclosure to regulators in Australia.

Recognition

Sidley is widely recognized by clients and peers alike as first-in-class for its cross-border capabilities, garnering top rankings and awards around the world.

Chambers Global 2023
USA – Life Sciences & Pharmaceutical Sector (International & Cross-Border) – Band 2
Singapore – International & Cross-Border Capabilities (International Firms) – Band 3

Chambers Crisis & Risk Management 2023
Environmental, Social, and Governance Risk, Global-wide – Band 4

Chambers FinTech 2023
China – FinTech Legal (International Firms)
London – FinTech Legal
London – FinTech Legal: Payments & Lending
Singapore – FinTech Legal
USA – FinTech Legal – Band 1
USA – FinTech Legal: Blockchain & Cryptocurrencies – Band 1
USA – FinTech Legal: Corporate, Securities & Financing
USA – FinTech Legal: Payments & Lending – Band 1

LMG Life Sciences 2023
Antitrust – Tier 2
FDA Medical Device – Tier 2
FDA Pharmaceutical – Tier 1
Healthcare: Pricing and Reimbursement – Tier 1

China Business Law Journal Awards 2023
Healthcare, Pharma & Life Sciences, Finalist

2023 Global Data Review (GDR) 100
Named among the top 25 “Elite”