Mind the Gap: How Shifting Federal Priorities Are Reshaping Parallel Investigations
As federal enforcement priorities shift, the balance of investigative power is beginning to change. This alert is the first in a series examining how evolving dynamics are reshaping the enforcement landscape. Here, we focus on the growing role of state and regulatory agencies in parallel investigations. A forthcoming alert will explore how the SEC is recalibrating its insider trading enforcement strategy under the Atkins Commission.
A New Era in Enforcement
In 2025, the federal government has enacted sweeping changes to its law enforcement and regulatory priorities, fundamentally altering the landscape for parallel criminal, civil, and regulatory investigations. Traditionally, federal agencies such as the Department of Justice (DOJ) and the Federal Bureau of Investigation (FBI) have played a central role in white-collar enforcement. However, a marked shift in focus toward immigration, transnational crime, and narcotics trafficking has redirected significant federal resources away from white-collar matters. As a result, state authorities and regulatory agencies are stepping in to fill the enforcement gap, creating a more complex and dynamic environment for companies and individuals facing government scrutiny.
Federal Realignment: The Galeotti Memo
Keep Up to Date in a Changing World
