Investigations and enforcement trends: Top takeaways for Q3 2025

Lessons learned from DOJ’s 2025 National Health Care Fraud Takedown

1. U.S. federal law enforcement is leveraging resources across jurisdictions and departments, as well as data analytics, to enforce its priorities.
2. There is a significant shift in the risk landscape, with transnational criminal organizations expanding beyond narcotics and using artificial intelligence to commit crimes.
3. In response, organizations should update their risk assessments, make better use of their own data to detect and prevent violations, and strengthen their due diligence processes.

SEC enforcement priorities and developments

1. Renewed focus on traditional securities fraud with harm to retail investors, such as private offering frauds, insider trading, and market manipulation.
2. Shift away from crypto regulation through enforcement, with a focus on creating a policy framework around cryptocurrency and digital assets.
3. Registrant-friendly approach with more opportunity to negotiate.

Cooperation, self-reporting, and deferred prosecution agreements in relation to the UK Serious Fraud Office

1. The UK SFO’s new guidance aims to increase transparency and speed up processes, aligning more closely with US DOJ standards.
2. There is now a strengthened incentive for companies to self-report and cooperate fully, with strict new timelines for response and resolution.
3. Cooperation expectations are higher, including more evidence and transparency, and while privilege waiver is voluntary, it is seen as a key sign of cooperation.

What the end of the DOJ’s pause on FCPA enforcement will mean in practice for international companies

1. The DOJ is resuming active FCPA enforcement, focusing on cartels, transnational crime, fair competition, national security, and serious misconduct.
2. Declinations are possible, but companies are expected to self-disclose issues, cooperate fully, remediate, and improve compliance, with individuals remaining liable.
3. Resolutions can happen more quickly, so international companies should ensure their compliance programs are up to date and responsive.

ICE – what’s happening on the ground and how can you prepare

1. ICE has ramped up worksite enforcement, including large-scale raids and increased I-9 audits across various industries.
2. In this enforcement environment, employers should audit their I-9 records with more regularity.
3. Having a clear protocol and trained front-facing staff is essential for protecting rights and responding effectively to unannounced ICE visits.

FTC enforcement priorities and developments

1. Recent FTC actions highlight continued commitment to the agency’s core mission of combatting consumer fraud, which tends to retain support regardless of political leadership. Other emerging priorities for the Trump-Vance FTC include children’s privacy, hard-to-cancel subscriptions, and “Made in USA” claims.
2. The FTC’s approach to merger control has adopted a more business-accommodating posture – reviving early termination, accelerating settlements, and emphasizing pragmatic “get out of the way” resolutions – while still retaining key policy expansions from the Biden administration. Antitrust investigations reflect a similar duality: Enforcers remain active, but “America First” policy considerations eschew across-the-board scrutiny for industry-specific nuances.

A brief roadmap for effective subpoena responses

1. An efficient, systematic response to subpoenas can reduce risk, offset cost, and minimize the burden on in-house counsel.
2. For certain categories of subpoenas, especially those issued by federal law enforcement, consider engaging outside counsel to mitigate risk and burden.
3. Make sure to regularly review (and follow) your document retention, privacy, and personal device policies to ensure that relevant data is preserved.